| For the Fiscal Year Ended December 31, 2009 | Commission File No. 001-31852 |
|---------------------------------------------|-------------------------------|

| Delaware                                                       | 94-1585250                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

| Title of each class            | Name of exchange on which registered |
|--------------------------------|--------------------------------------|
| Common Stock, $0.001 par value | NYSE Amex, LLC                       |

----

| PART I         |                                                                                     |   |
|----------------|------------------------------------------------------------------------------------------|--------|
| ITEM 1         | Business                                                                                 | 1      |
|           | Competition                                                                              | 2      |
|           | Governmental Regulation                                                                  | 2      |
|           | Environmental Regulation                                                                 | 2      |
|           | Employees                                                                                | 3      |
|           | Available Information                                                                    | 3      |
| ITEM 1A        | Risk Factors                                                                             | 4      |
| ITEM 1B        | Unresolved Staff Comments                                                                | 6      |
| ITEM 2         | Properties                                                                               | 7      |
|           | Oil and Gas                                                                              | 7      |
|           | Minerals                                                                                 | 12     |
| ITEM 3         | Legal Proceedings                                                                        | 14     |
|           |                                                                                     |   |
| PART II        |                                                                                     |   |
| ITEM 5         | Market Price of the Registrant's Common Stock and Related Security Holder Matters        | 15     |
|           | Performance Graph                                                                        | 15     |
|           | Equity Compensation Plan Information                                                     | 16     |
| ITEM 6         | Selected Historical Financial Data                                                       | 17     |
| ITEM 7         | Management's Discussion and Analysis of Financial Condition and Results of Operations    | 17     |
|           | Notice Regarding Forward-Looking Statements                                              | 17     |
|           | Overview                                                                                 | 17     |
|           | Critical Accounting Policies                                                             | 18     |
|           | Other Significant Accounting Polices                                                     | 19     |
|           | Accounting for Oil and Gas Producing Activities                                          | 20     |
|           | Rig Operations                                                                           | 20     |
|           | Mining Activity                                                                          | 20     |
|           | Results of Operations                                                                    | 21     |
|           | Financial Condition                                                                      | 23     |
|           | Operating Activities                                                                     | 24     |
|           | Investing Activities                                                                     | 24     |
|           | Financing Activities                                                                     | 24     |
|           | Liquidity and Capital Resources                                                          | 24     |
| ITEM 7A        | Quantitative and Qualitative Disclosures About Market Risk                               | 24     |
| ITEM 8         | Financial Statements                                                                     | 25     |
| ITEM 9A        | Controls and Procedures                                                                  | 58     |
|           | Evaluation of Disclosure Controls                                                        | 58     |
|           | Management’s Report on Internal Control over Financial Reporting                   | 58     |
|           | Changes in Internal Control                                                              | 59     |
|           | Remediation of Material Weaknesses in Internal Control over Financial Reporting          | 59     |
|  PART III |                                                                                     |   |
| ITEM 10        | Directors and Executive Officers                                                         | 62     |
| ITEM 11        | Executive Compensation                                                                   | 67     |
|           | Compensation Discussion and Analysis                                                     | 67     |
|           | Personnel and Compensation Committee Report                                              | 71     |
|           | Summary Compensation Table                                                               | 72     |
|           | Employment Agreement with Our Chief Executive Officer                                    | 72     |
|           | Aggregated 2009 Option Exercises and Year-End Values                                     | 73     |
|           | Option Grants During the Fiscal Year Ended December 31, 2009 to Named Executive Officers | 74     |
|           | Outstanding Equity Awards Table to Named Executive Officers and Directors                | 75     |
|           | Compensation of Directors                                                                | 76     |
| ITEM 12        | Security Ownership of Certain Beneficial Owners and Management                           | 77     |
| ITEM 13        | Certain Relationships and Related Transactions                                           | 78     |
| ITEM 14        | Principal Accounting Fees and Services                                                   | 78     |
| ITEM 15        | Exhibits and Financial Statement Schedules                                               | 79     |
|           | SIGNATURES                                                                               | 80     |
|           |                                                                                     |   |
|           |                                                                                     |

----

|   | • | Tri-Valley Oil & Gas Co. (“TVOG”)—conducts our hydrocarbon (crude oil and natural gas) business.  TVOG derives its revenue from crude oil and natural gas drilling. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Select Resources Corporation, Inc. (“Select”)—conducts our precious metals and industrial minerals business.  Select holds and develops three major mineral assets in the State of Alaska. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Great Valley Production Services, LLC (“GVPS”)—conducts our oil production services, well work over services, and the business of refurbishment of oilfield equipment. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Great Valley Drilling Company, LLC (“GVDC”)—formed to operate an oil drilling rig in the State of Nevada. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------|

|   | • | Tri-Valley Power Corporation—is inactive at the present time. |
|--------|---------|---------------------------------------------------------------------|

| Tri-Valley's businesses are organized into four operating segments: |
|---------------------------------------------------------------------|
|                                                                |   |
| -                                                                   | Oil and Gas Operations—This segment represents our oil and gas business.  Further, during 2009, this segment generated 74% of the Company’s revenues from operations. |
|                                                                |   |
| -                                                                   | Rig Operations—This segment consists of drilling rig operations and also includes income from the rental and sale of oil field equipment. |
|                                                                |   |
| -                                                                   | Minerals—This segment represents our precious metal and industrial mineral prospects.  In the past, it has generated revenues from pilot-scale mining projects and subcontracting exploration and business development projects.  This segment holds title to land or leases in the State of Alaska.  There was no significant precious metals activity in 2009. |
|                                                                |   |
| -                                                                   | Drilling and Development—This segment includes revenue received from crude oil and natural gas drilling and development operations performed for joint venture partners. |

----

----

----

----

----

----

----

----

| Year Ending       |                        | BBL       |   | MCF         |
|-------------------|-----------------------------|-----------|--------|-------------|
|              |                        | Crude Oil |   | Natural Gas |
| December 31, 2009 | Developed                   | 282,271   |   | 395,252     |
|              | Undeveloped                 | 2,738,439 |   | 0           |
|              |   Net Proved      | 3,020,710 |   | 395,252     |
|              |                        |      |   |        |
|              | Probable                    | 760,000   |   | 0           |
|              | Possible                    | 6,045,425 |   | 42,008      |
|              |   Net Prospective | 6,805,425 |   | 42,008      |
|              |                        |      |   |        |
| December 31, 2008 | Developed                   | 0         |   | 695,931     |
|              | Undeveloped                 | 0         |   | 0           |
|              |   Net Proved      | 0         |   | 695,931     |
|              |                        |      |   |        |
|              | Probable                    | 0         |   | 0           |
|              | Possible                    | 0         |   | 0           |
|              |   Net Prospective | 0         |   | 0           |
|              |                        |      |   |        |
| December 31, 2007 | Developed                   | 372,048   |   | 791,128     |
|              | Undeveloped                 | 0         |   | 0           |
|              |   Net Proved      | 372,048   |   | 791,128     |
|              |                        |      |   |        |
|              | Probable                    | 0         |   | 0           |
|              | Possible                    | 0         |   | 0           |
|              |   Net Prospective | 0         |   | 0           |
|              |                        |      |   |        |
| December 31, 2006 | Developed                   | 275,452   |   | 787,017     |
|              | Undeveloped                 | 0         |   | 0           |
|              |  Net Proved            | 275,452   |   | 787,017     |
|              |                        |      |   |        |
|              | Probable                    | 0         |   | 0           |
|              | Possible                    | 0         |   | 0           |
|              |   Net Prospective | 0         |   | 0           |
|              |                        |      |   |        |

----

| ·   | Revises a number of definitions relating to proved oil and natural gas reserves to make them consistent with the Petroleum Resource Management System, which includes certain non-traditional resources in proved reserves. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Permits the use of new technologies for determining proved oil and natural gas reserves. |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | Requires the use of average prices for the trailing twelve-month period in the estimation of oil and natural gas reserve quantities and for companies using the full cost method of accounting, in computing the Ceiling Limitation, in place of a single day price as of the end of the fiscal year. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Permits the disclosure in filings with the SEC of probable and possible reserves and reserves sensitivity to changes in prices. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|

| ·   | Requires additional disclosures (outside of the financial statements) regarding the status of undeveloped reserves and changes in status of these from period to period. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Requires a discussion of the internal controls in place to assure objectivity in the reserve estimation process and disclosure of the technical qualifications of the technical person having primarily responsibility for preparing the reserve estimates. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|              | Year Ended December 31, |
|-------------------|-------------------------|
|              |                    |   |   |
|              | 2009                    | 2008 | 2007 |
| Natural Gas (MCF) | 32,076                  | 102,070 | 45,928 |
| Crude Oil (BBL)   | 21,092                  | 26,299 | 7,006 |
|              |                    |   |   |

----

|             |   | Year Ended December 31, |   |
|------------------|--------|-------------------------|--------|
|             |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|             |   | 2009                    |   |   |   |   |   | 2008 |   |   |   |   |   | 2007 |   |   |   |   |
|             |   | Gas (MCF)               |   |   | Oil (BBL) |   |   | Gas (MCF) |   |   | Oil (BBL) |   |   | Gas (MCF) |   |   | Oil (BBL) |   |
| Sales Price      |   | $                       | 3.55   |   |   | $ | 35.74 |   |   | $ | 8.07 |   |   | $ | 90.10 |   |   | $ | 7.15 |   |   | $ | 58.23 |   |
| Production Costs |   | $                       | 2.91   |   |   | $ | 69.68 |   |   | $ | 1.67 |   |   | $ | 37.45 |   |   | $ | 1.55 |   |   | $ | 16.28 |   |
| Net Profit       |   | $                       | 0.64   |   |   | $ | (33.94 | ) |   | $ | 6.40 |   |   | $ | 52.65 |   |   | $ | 5.60 |   |   | $ | 41.95 |   |
|             |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| As of December 31, 2009, we had the following gross and net position in wells and developed acreage: |
|------------------------------------------------------------------------------------------------------|

|   | Wells (1) |                                                        |   | Acres (2)                                                                                       |                                                                          |   |
|--------|-----------|-------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|--------|
|   | Gross     | Net                                                         |   | Gross                                                                                           | Net                                                                           |   |
|   | 79        |          22.81 |   |                3,730 |             1,044 |   |

| (1) | "Gross" wells represent the total number of producing wells in which we have a working interest.  "Net" wells represent the number of gross producing wells multiplied by the percentages of the working interests which we own.  "Net wells" recognizes only those wells in which we hold an earned working interest.  Working interests earned at payout have not been included. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | "Gross" acres represent the total acres in which we have a working interest. "Net" acres represent the aggregate of the working interests which we own in the gross acres. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        | Year Ended December 31, |
|-------------|-------------------------|
|        | 2009                    | 2008 | 2007 |
|        |                    |   |   |
| Exploratory |                    |   |   |
| Producing   | -0-                     | -0- | -0- |
| Dry         | -0-                     | -0- | -0- |
| Total       | -0-                     | -0- | -0- |
|        |                    |   |   |
| Development |                    |   |   |
| Producing   | -0-                     | -6- | -5- |
| Dry         | -0-                     | -0- | -0- |
| Total       | -0-                     | -6- | -5- |

| State      |   | Gross Acres |   | Net Acres |
|------------|--------|-------------|--------|-----------|
| California |   | 22,465      |   | 19,373    |
|       |   |        |   |      |

----

| Expires in 2010 |   7,268 acres       |
|-----------------|-------------------------------|
| Expires in 2011 |   1,089 acres       |
| Expires in 2012 |   8,678 acres  |
|            |                          |

----

| Gross Acres              | Net Acres                |
|--------------------------|--------------------------|
|    24,440 |    24,440 |

| Gross Acres | Net Acres |
|-------------|-----------|
| 29,640      | 28,821    |

----

| Gross Acres | Net Acres |
|-------------|-----------|
| 572         | 572       |

----

|                                   |  Sales Prices    |        |  Closing Prices |        |
|----------------------------------------|--------------------------------------|-------------|----------------------|-------------|
|                                   |  High                           |  Low   |  High           |  Low   |
|  2009                             |                                 |        |                 |        |
|  Fourth Quarter    |  $3.80                          |  $1.58 |  $3.51          |  $1.63 |
|  Third Quarter                    |  $3.59                          |  $0.83 |  $3.10          |  $0.83 |
|  Second Quarter                   |  $1.56                          |  $0.93 |  $1.38          |  $0.93 |
|  First Quarter                    |  $1.95                          |  $0.97 |  $1.95          |  $1.01 |
|                                   |                                 |        |                 |        |
|  2008                             |                                 |        |                 |        |
|  Fourth Quarter                   |  $6.30                          |  $1.46 |  $6.17          |  $1.51 |
|  Third Quarter                    |  $8.59                          |  $6.00 |  $8.14          |  $6.15 |
|  Second Quarter                   |  $9.73                          |  $5.70 |  $9.15          |  $5.77 |
|  First Quarter                    |  $7.50                          |  $4.85 |  $7.25          |  $5.03 |

----

|                                       | December 31, |   |
|--------------------------------------------|--------------|--------|
|                                       | 2004         |   |   | 2005 |   |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |
| Tri-Valley Corporation                     |         | $      | 100.0 |   |   | $ | 63.6 |   |   | $ | 77.6 |   |   | $ | 60.5 |   |   | $ | 14.7 |   |   | $ | 16.0 |   |
| S & P 500                         |         | $      | 100.0 |   |   | $ | 104.9 |   |   | $ | 121.5 |   |   | $ | 128.2 |   |   | $ | 80.7 |   |   | $ | 102.1 |   |
| DJ  U.S. Expl. & Prod. Index |         | $      | 100.0 |   |   | $ | 165.0 |   |   | $ | 174.0 |   |   | $ | 250.0 |   |   | $ | 150.0 |   |   | $ | 211.0 |   |

|                                                       |   | Total securities to be issued upon exercise of outstanding options or vesting of restricted stock |   |   |                            |   |
|------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------|--------|--------|---------------------------------|--------|
|  Plan category                                        |   | Number                                                                                            |   |   | Weighted-average exercise price |   |   | Securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |   |
|                                                       |   | (a)                                                                                               |   |   | (b)                             |   |   | (c) |   |
| Equity compensation plans approved by security holders     |   |  2,490,500                                                                                   |   |   | $3.93                           |   |   |  1,349,350 |   |
|                                                       |   |                                                                                              |   |   |                            |   |   |   |   |
| Equity compensation plans not approved by security holders |   |  0                                                                                           |   |   |  0                         |   |   |  0 |   |
|                                                       |   |                                                                                              |   |   |                            |   |   |   |   |
| Total                                                      |   |  2,490,500                                                                                   |   |   | $3.93                           |   |   |  1,349,350 |   |

----

|                                            | Income Statement Data                                               |
|-------------------------------------------------|---------------------------------------------------------------------|
|                                            | 2009                                                                | 2008 | 2007 | 2006 | 2005 |
| Revenues                                        |  1,448,001                                                     |  8,124,700 |  11,016,107 |  4,936,723 |  12,526,110 |
| Operating Income (Loss)                         |  (10,661,937)                                                  |  (14,209,174) |  (8,746,830) |  (5,881,276) |  (4,919,707) |
| Loss from Discontinued Operations               |  -                                                             |  - |  - |  (4,774,840) |  (4,810,364) |
| Gain on Sale of Discontinued Operations         |  -                                                             |  - |  - |  9,715,604 |   |
| Income (Loss) before Minority Interest          |  (10,661,937)                                                  |  (14,478,178) |  (8,746,830) |  (940,512) |  (9,730,071) |
| Minority Interest                               |  -                                                             |  (269,005) |  (139,939) |  (27,341) |   |
|                                            |                                                                |   |   |   |   |
| Net Loss                                        |  (10,661,937)                                                  |  (14,209,174) |  (8,606,891) |  (913,171) |  (9,730,071) |
| Basic Earnings per Share:                       |                                                                |   |   |   |   |
| Loss from Continuing Operations                 |  (0.33)                                                        |  (0.54) |  (0.35) |  (0.25) |  (0.22) |
| Income (Loss) from Discontinued Operations, Net |            - |               - |                - |  0.21 |  (0.21) |
| Basic Earnings Per Share:                       |  (0.33)                                                        |  (0.54) |  (0.35) |  (0.04) |  (0.43) |

|                               | Balance Sheet Data |
|------------------------------------|--------------------|
|                               | 2009               | 2008 | 2007 | 2006 | 2005 |
| Property, Plant and Equipment, net |  8,180,405    |  9,921,501 |  16,232,653 |  12,076,043 |  13,635,981 |
| Total Assets                       |  15,532,330   |  17,470,721 |  25,254,895 |  28,654,125 |  19,738,730 |
| Current Liabilities                |  12,324,563   |  5,154,323 |  10,296,665 |  9,046,945 |  7,637,645 |
| Long Term Obligations              |  1,746,662    |  2,165,578 |  2,596,101 |  2,963,562 |  4,528,365 |
| Minority Interest                  |  -            |  3,334,596 |  249,945 |  5,410,746 |  - |
| Stockholder's Equity               |  1,461,105    |  6,816,225 |  12,112,184 |  11,232,872 |  7,572,720 |

----

----

----

----

|                                     |   | 2009                                                                                       |   | 2008   |   | 2007                                                                                              |
|------------------------------------------|--------|--------------------------------------------------------------------------------------------|--------|--------|--------|---------------------------------------------------------------------------------------------------|
|                                     |   | $                                                                                          |   | %      |   | $                                                                                                 |   | % |   | $ |   | % |
| Oil and Gas                              |   |                                                                                       |   |   |   |                                                                                              |   |   |   |   |   |   |
|    Sales                  |   |  1,036                                                                                |   | 72%    |   |  3,759                                                                                       |   | 46% |   |  1,083 |   | 10% |
|    Partnership Income     |   |  30                                                                                   |   | 2%     |   |  -                                                                                           |   | 0% |   |  30 |   | 1% |
| Total Oil and Gas Revenues               |   |  1,066                                                                                |   | 74%    |   |  3,759                                                                                       |   | 46% |   |  1,113 |   | 11% |
|                                     |   |                                                                                       |   |   |   |                                                                                              |   |   |   |   |   |   |
| Rig Operations                           |   |  -                                                                                    |   | 0%     |   |  1,451                                                                                       |   | 18% |   |  2,727 |   | 25% |
|                                     |   |                                                                                       |   |   |   |                                                                                              |   |   |   |   |   |   |
| Minerals                                 |   |  47                                                                                   |   | 3%     |   |  142                                                                                         |   | 2% |   |  580 |   | 5% |
|                                     |   |                                                                                       |   |   |   |                                                                                              |   |   |   |   |   |   |
| Drilling and Devlopement                 |   |  -                                                                                    |   | 0%     |   |  2,589                                                                                       |   | 32% |   |  6,132 |   | 55% |
|                                     |   |                                                                                       |   |   |   |                                                                                              |   |   |   |   |   |   |
| Non-Segmented Items (Interest and Other) |   |  335                                                                                  |   | 23%    |   |  184                                                                                         |   | 2% |   |  464 |   | 4% |
|                                     |   |                                                                                       |   |   |   |                                                                                              |   |   |   |   |   |   |
| Total Revenue                            |   | $              1,448 |   | 100%   |   | $                8,125 |   | 100% |   |  $          11,016 |   | 100% |
|                                     |   |                                                                                       |   |   |   |                                                                                              |   |   |   |   |   |   |

----

|                                                          |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|---------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|  Oil and Gas Operations                                  |   |   | 5,936  |   |   |   | 6,069  |   |   |   | 1,141 |   |
|  Rig Operations                                          |   |   | 442    |   |   |   | 1,424  |   |   |   | 2,142 |   |
|  Minerals                                                |   |   | 247    |   |   |   | 371    |   |   |   | 618 |   |
|  Drilling and Development                                |   |   | 63     |   |   |   | 1,815  |   |   |   | 5,011 |   |
|  Non-Segmented Items (G&A, Stock Options Expense     |   |   |   |   |   |   |   |   |   |   |   |   |
|      Investment and Other)           |   |   | 5,422  |   |   |   | 12,924 |   |   |   | 10,851 |   |
|       Total Costs and Expenses: |   | $      | 12,110 |   |   | $      | 22,603 |   |   | $ | 19,763 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                              |   | 2009   |    |   | 2008   |   |    | 2007   |   |
|-------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|  Oil and Gas                                                 |   |   | (4,870  | )      |   |   | (2,310  | )      |   |   | (28 | ) |
|  Rig Operations                                              |   |   | (442    | )      |   |   | 27      |   |   |   | 585 |   |
|  Minerals                                                    |   |   | (200    | )      |   |   | (229    | )      |   |   | (38 | ) |
|  Drilling and Development                                    |   |   | (63     | )      |   |   | 774     |   |   |   | 1,121 |   |
|  Non-Segmented Items (G&A, Stock Options Expense         |   |   |    |   |   |   |    |   |   |   |   |   |
|      Investment and Other)               |   |   | (5,086  | )      |   |   | (12,740 | )      |   |   | (10,387 | ) |
|       Total Operating Income (Loss) |   | $      | (10,661 | )      |   | $      | (14,478 | )      |   | $ | (8,747 | ) |
|                                                              |   |   |    |   |   |   |    |   |   |   |   |   |

----

----

|                                                               | Page   |
|--------------------------------------------------------------------|--------|
|                                                               |   |
| Report of Independent Registered Public Accounting Firm            | 26     |
|                                                               |   |
| Consolidated Balance Sheets at December 31, 2009, and 2008         | 27     |
|                                                               |   |
| Consolidated Statements of Operations for the Years Ended          |   |
| December 31, 2009, 2008, and 2007                                  | 29     |
|                                                               |   |
| Consolidated Statements of Changes in Shareholders' Equity for the |   |
| Years Ended December 31, 2009, 2008, and 2007                      | 30     |
|                                                               |   |
| Consolidated Statements of Cash Flows for the Years Ended          |   |
| December 31, 2009, 2008, and 2007                                  | 31     |
|                                                               |   |
| Notes to Consolidated Financial Statements                         | 33     |
|                                                               |   |
| Supplemental Information about Oil and Gas Producing               |   |
| Activities (Unaudited)                                             | 53     |

----

----

| ASSETS                                                                            |   |              |       |   |              |   |
|-----------------------------------------------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|
|                                                                              |   | December 31, 2009 |       |   | December 31, 2008 |   |
|                                                                              |   | (Audited)         |       |   | (Audited)         |   |
|                                                                              |   |              |       |   |              |   |
| Current Assets:                                                                   |   |              |       |   |              |   |
|    Cash                                                            |   | $                 | 290,926    |   |              | $      | 2,000,787 |   |
|    Accounts Receivable TVOG Production Accrual                     |   |              | 33,623     |   |              |   | 963,413 |   |
|    Accounts Receivable - Trade                                     |   |              | 63,151     |   |              |   | 61,851 |   |
|    Accounts Receivable from Joint Venture Partners (Note 11)  |   |              | 6,505,092  |   |              |   | 3,988,754 |   |
|    Accounts Receivable - Other                                     |   |              | 25,717     |   |              |   |   |   |
|    Prepaid Expenses                                                |   |              | 16,889     |   |              |   | 12,029 |   |
|                                                                              |   |              |       |   |              |   |   |   |
| Total Current Assets:                                                             |   |              | 6,935,398  |   |              |   | 7,026,834 |   |
|                                                                              |   |              |       |   |              |   |   |   |
| Property and Equipment - Net                                                      |   |              |       |   |              |   |   |   |
|    Proved Properties                                               |   |              | 25,265     |   |              |   | 153,546 |   |
|    Unproved Properties                                             |   |              | 1,551,998  |   |              |   | 1,616,919 |   |
|    Rigs                                                            |   |              | 1,132,847  |   |              |   | 1,538,752 |   |
|    Other Property and Equipment                                    |   |              | 5,470,295  |   |              |   | 6,612,284 |   |
|                                                                              |   |              |       |   |              |   |   |   |
| Total Property and Equipment - Net (Note 3)                                       |   |              | 8,180,405  |   |              |   | 9,921,501 |   |
|                                                                              |   |              |       |   |              |   |   |   |
| Other Assets                                                                      |   |              |       |   |              |   |   |   |
|    Deposits                                                        |   |              | 172,913    |   |              |   | 122,913 |   |
|    Investment in Marketable Securities (Note 13)                   |   |              | -          |   |              |   | 32,668 |   |
|    Investments in Joint Venture Partnerships                       |   |              | 17,400     |   |              |   | 17,400 |   |
|    Deferred Tax Asset                                              |   |              | -          |   |              |   | 123,079 |   |
|    Goodwill                                                        |   |              | 212,414    |   |              |   | 212,414 |   |
|    Other                                                           |   |              | 13,800     |   |              |   | 13,913 |   |
|                                                                              |   |              |       |   |              |   |   |   |
| Total Other Assets                                                                |   |              | 416,527    |   |              |   | 522,387 |   |
|                                                                              |   |              |       |   |              |   |   |   |
| Total Assets                                                                      |   | $                 | 15,532,330 |   |              | $      | 17,470,721 |   |
|                                                                              |   |              |       |   |              |   |   |   |
|                                                                              |   |              |       |   |              |   |   |   |
| The accompanying notes are an integral part of these financial statements.        |   |

----

| LIABILITIES AND STOCKHOLDERS' EQUITY                                      |   |              |         |   |              |   |
|---------------------------------------------------------------------------|--------|-------------------|--------------|--------|-------------------|--------|
|                                                                      |   | December 31, 2009 |         |   | December 31, 2008 |   |
|                                                                      |   | (Audited)         |         |   | (Audited)         |   |
|                                                                      |   |              |         |   |              |   |
| Current Liabilities                                                       |   |              |         |   |              |   |
|    Notes Payable (Note 4)                                  |   | $                 | 439,482      |   |              | $      | 389,648 |   |
|    Accounts Payable to Joint Venture Partners (Note 11)    |   |              | 5,072,307    |   |              |   | 912,173 |   |
|    Trade - Accounts Payable and Accrued Expenses           |   |              | 5,962,774    |   |              |   | 3,852,502 |   |
|    Non Trade - Accounts Payable (Note 5)                   |   |              | 850,000      |   |              |   | - |   |
|                                                                      |   |              |         |   |              |   |   |   |
| Total Current Liabilities                                                 |   |              | 12,324,563   |   |              |   | 5,154,323 |   |
|                                                                      |   |              |         |   |              |   |   |   |
| Non-Current Liabilities                                                   |   |              |         |   |              |   |   |   |
|    Asset Retirement Obligation (Note 11)                   |   |              | 351,013      |   |              |   | 327,845 |   |
|    Long-Term Portion of Notes Payable (Note 4)             |   |              | 1,395,649    |   |              |   | 1,837,733 |   |
|                                                                      |   |              |         |   |              |   |   |   |
| Total Non-Current Liabilities                                             |   |              | 1,746,662    |   |              |   | 2,165,578 |   |
|                                                                      |   |              |         |   |              |   |   |   |
| Total Liabilities                                                         |   |              | 14,071,225   |   |              |   | 7,319,901 |   |
|                                                                      |   |              |         |   |              |   |   |   |
|    Minority Interest                                       |   |              | -            |   |              |   | 3,334,596 |   |
|                                                                      |   |              |         |   |              |   |   |   |
| Stockholder' Equity                                                       |   |              |         |   |              |   |   |   |
|    Common Stock, $.001 par value; 100,000,000 shares       |   |              |         |   |              |   |   |   |
| authorized; 33,190,462* and 27,438,367 as of December 31, 2009 and        |   |
|    December 31, 2008, respectively.                        |   |              | 33,190       |   |              |   | 27,438 |   |
|    Less: Common Stock in Treasury, at cost; 100,025 shares |   |              | (13,370)     |   |              |   | (13,370) |   |
|    Capital in Excess of Par Value                          |   |              | 51,469,228   |   |              |   | 46,558,354 |   |
|    Additional Paid in Capital - Warrants                   |   |              | -            |   |              |   | 360,842 |   |
|    Additional Paid in Capital - Stock Options              |   |              | 2,429,722    |   |              |   | 1,869,997 |   |
|    Accumulated Deficit                                     |   |              | (52,457,665) |   |              |   | (41,795,727) |   |
|    Accumulated Other Comprehensive Income                  |   |              |         |   |              |   | (191,309) |   |
|                                                                      |   |              |         |   |              |   |   |   |
| Total Stockholders' Equity                                                |   |              | 1,461,105    |   |              |   | 6,816,225 |   |
|                                                                      |   |              |         |   |              |   |   |   |
| Total Liabilities and Stockholders' Equity                                |   | $                 | 15,532,330   |   |              | $      | 17,470,721 |   |

----

|                                                         |   |   |         |   |   |   |         |   |   |
|--------------------------------------------------------------|--------|--------|--------------|--------|--------|--------|--------------|--------|--------|
|                                                         |   | 2009   |         |   | 2008   |   |         | 2007   |   |
| Revenues                                                     |   |   |         |   |   |   |         |   |   |
|    Sale of Oil and Gas                        |   | $      | 1,035,916    |   |   | $      | 3,322,353    |   |   | $ | 761,279 |   |
|     Rig Income                           |   |   | -            |   |   |   | 1,450,907    |   |   |   | 2,726,692 |   |
|     Partnership Income                   |   |   | 30,000       |   |   |   | -            |   |   |   | 30,000 |   |
|     Interest Income                      |   |   | 10,295       |   |   |   | 39,273       |   |   |   | 282,785 |   |
|     Drilling and Development             |   |   | -            |   |   |   | 2,588,650    |   |   |   | 6,131,613 |   |
|     Gain on Sale of Asset                |   |   | 258,797      |   |   |   | -            |   |   |   | - |   |
|     Other Income                         |   |   | 112,993      |   |   |   | 723,517      |   |   |   | 1,083,738 |   |
|                                                         |   |   |         |   |   |   |         |   |   |   |   |   |
| Total Revenue                                                |   | $      | 1,448,001    |   |   | $      | 8,124,700    |   |   | $ | 11,016,107 |   |
|                                                         |   |   |         |   |   |   |         |   |   |   |   |   |
| Costs and Expenses                                           |   |   |         |   |   |   |         |   |   |   |   |   |
|    Mining Exploration Expenses                |   | $      | -            |   |   | $      | 386,994      |   |   | $ | 391,255 |   |
|    Production Costs                           |   |   | 1,608,181    |   |   |   | 1,291,115    |   |   |   | 430,068 |   |
|    Drilling and Development                   |   |   | -            |   |   |   | 1,815,085    |   |   |   | 5,010,799 |   |
|    Rig Operating Expenses                     |   |   | -            |   |   |   | 1,109,399    |   |   |   | 1,374,649 |   |
|    General & Administrative               |   |   | 7,592,575    |   |   |   | 10,523,490   |   |   |   | 10,372,892 |   |
|    Interest                                   |   |   | 204,741      |   |   |   | 217,748      |   |   |   | 258,829 |   |
|    Investment                                 |   |   | 269,005      |   |   |   | 168,702      |   |   |   | 203,782 |   |
|    Depreciation, Depletion & Amortization |   |   | 1,778,539    |   |   |   | 1,905,854    |   |   |   | 1,238,733 |   |
|    Impairment Loss                            |   |   | 422,590      |   |   |   | 5,184,492    |   |   |   | 481,930 |   |
|    Loss on Available for Sale Securities      |   |   | 200,985      |   |   |   | -            |   |   |   | - |   |
|    Bad Debt                                   |   |   | 33,322       |   |   |   | -            |   |   |   | - |   |
|                                                         |   |   |         |   |   |   |         |   |   |   | - |   |
| Total Costs and Expenses                                     |   | $      | 12,109,938   |   |   | $      | 22,602,879   |   |   | $ | 19,762,937 |   |
|                                                         |   |   |         |   |   |   |         |   |   |   |   |   |
| Loss Before Minority Interest                                |   | $      | (10,661,937) |   |   | $      | (14,478,179) |   |   | $ | (8,746,830) |   |
| Minority Interest                                            |   |   | -            |   |   |   | (269,005)    |   |   |   | (139,939) |   |
| Net Loss                                                     |   | $      | (10,661,937) |   |   | $      | (14,209,174) |   |   | $ | (8,606,891) |   |
|                                                         |   |   |         |   |   |   |         |   |   |   |   |   |
| Basic Net Loss Per Share:                                    |   |   |         |   |   |   |         |   |   |   |   |   |
|    Basic Loss Per Common Share (Note 6)       |   | $      | (0.33)       |   |   | $      | (0.54)       |   |   | $ | (0.35) |   |
|                                                         |   |   |         |   |   |   |         |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding                |   |   | 32,629,389   |   |   |   | 26,664,682   |   |   |   | 24,723,766 |   |
|                                                         |   |   |         |   |   |   |         |   |   |   |   |   |
| Weighted Potentially Dilutive Shares Outstanding             |   |   | 35,159,148   |   |   |   | 29,515,887   |   |   |   | 28,061,401 |   |
|                                                         |   |   |         |   |   |   |         |   |   |   |   |   |

----

|                                     |   | TotalCommonShares |       | TreasureShares |   | PerValue |   | Capital inExcess ofPar Value |   | Additional Paid in Warrants & Stock Options |   | AccumulatedDeficit |   | TreasuryStock |      |   | OtherComprehensive Income |         |   | Stockholders’Equity |     |
|------------------------------------------|--------|-------------------|------------|----------------|--------|----------|--------|------------------------------|--------|-------------------------------------------------|--------|--------------------|--------|---------------|-----------|--------|---------------------------|--------------|--------|---------------------------|----------|
| Balance at December 31, 2006             |   |              | 23,546,655 |           |   | 100,025  |   |                         | 23,407 |                                            |   | 28,692,780         |   |          | 1,509,717 |   |                      | (18,979,662) |   |                      | (13,370) |   |   |   | - |   |   |   | 11,232,872 |   |
|                                     |   |              |       |           |   |     |   |                         |   |                                            |   |               |   |          |      |   |                      |         |   |                      |     |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                 |   |              | 1,530,529  |           |   | -        |   |                         |   |                                            |   | 9,479,833          |   |          | -         |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | 9,479,833 |   |
| Stock issuance costs                     |   |              | -          |           |   | -        |   |                         | 1,670  |                                            |   | (1,081,900)        |   |          | -         |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | (1,080,230) |   |
| Warrants (see note 10)                   |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | 1,073,654 |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | 1,073,654 |   |
| Stock based compensation (see note 5)    |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | -         |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   |   |   |
| Unrealized gain on marketable securities |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | -         |   |                      | -            |   |                      | -        |   |   |   | 12,945 |   |   |   | 12,945 |   |
| Net loss                                 |   |              |       |           |   |     |   |                         |   |                                            |   |               |   |          |      |   |                      | (8,606,891)  |   |                      | -        |   |   |   |   |   |   |   | (8,606,891) |   |
| Balance at December 31, 2007             |   | $                 | 25,077,184 |           | $      | 100,025  |   | $                            | 25,077 |                                            | $      | 37,090,713         |   | $             | 2,583,371 |   | $                         | (27,586,553) |   | $                         | (13,370) |   |   | $ | 12,945 |   |   | $ | 12,112,183 |   |
|                                     |   |              |       |           |   |     |   |                         |   |                                            |   |               |   |          |      |   |                      |         |   |                      |     |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                 |   |              | 2,361,183  |           |   | -        |   |                         | -      |                                            |   | 10,815,816         |   |          | -         |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | 10,815,816 |   |
| Stock issuance costs                     |   |              | -          |           |   | -        |   |                         | 2,361  |                                            |   | (1,348,176)        |   |          | -         |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | (1,345,815) |   |
| Warrants (see note 10)                   |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | (421,887) |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | (421,887) |   |
| Stock based compensation (see note 5)    |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | 69,356    |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | 69,356 |   |
| Unrealized gain on marketable securities |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | -         |   |                      | -            |   |                      | -        |   |   |   | (204,254) |   |   |   | (204,254) |   |
| (Net of tax $123,079)                    |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | -         |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | - |   |
| Net loss                                 |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | -         |   |                      | (14,209,173) |   |                      |     |   |   |   |   |   |   |   | (14,209,173) |   |
| Balance at December 31, 2008             |   |              | 27,438,367 |           |   | 100,025  |   |                         | 27,438 |                                            |   | 46,558,353         |   |          | 2,230,840 |   |                      | (41,795,726) |   |                      | (13,370) |   |   |   | (191,309) |   |   |   | 6,816,226 |   |
|                                     |   |              |       |           |   |     |   |                         |   |                                            |   |               |   |          |      |   |                      |         |   |                      |     |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                 |   |              | 5,752,095  |           |   | -        |   |                         | -      |                                            |   | 6,045,360          |   |          | -         |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | 6,045,360 |   |
| Stock issuance costs                     |   |              | -          |           |   | -        |   |                         | 5,751  |                                            |   | (1,134,485)        |   |          | -         |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | (1,128,734) |   |
| Warrants (see note 10)                   |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | (360,842) |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | (360,842) |   |
| Stock based compensation (see note 5)    |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | 559,725   |   |                      | -            |   |                      | -        |   |   |   | - |   |   |   | 559,725 |   |
| Realized gain on marketable securities   |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | -         |   |                      | -            |   |                      | -        |   |   |   | 191,309 |   |   |   | 191,309 |   |
| Net loss                                 |   |              | -          |           |   | -        |   |                         | -      |                                            |   | -                  |   |          | -         |   |                      | (10,661,940) |   |                      | -        |   |   |   | - |   |   |   | (10,661,940) |   |
| Balance at December 31, 2009             |   |              | 33,190,462 |           |   | 100,025  |   |                         | 33,189 |                                            |   | 51,469,228         |   |          | 2,429,723 |   |                      | (52,457,666) |   |                      | (13,370) |   |   |   | - |   |   |   | 1,461,104 |   |
|                                     |   |              |       |           |   |     |   |                         |   |                                            |   |               |   |          |      |   |                      |         |   |                      |     |   |   |   |   |   |   |   |   |   |

----

|                                                                                    |   |                             |         |
|-----------------------------------------------------------------------------------------|--------|----------------------------------|--------------|
|                                                                                    |   | For the Years Ended December 31, |         |
|                                                                                    |   | 2009                             |         |   | 2008 |   |   | 2007 |   |
|                                                                                    |   |                             |         |   |   |   |   |   |   |
| Cash Flows from Operating Activities:                                                   |   |                             |         |   |   |   |   |   |   |
| Net Loss                                                                                |   | $                                | (10,661,937) |   |   | $ | (14,209,173) |   |   | $ | (8,606,891) |   |
|                                                                                    |   |                             |         |   |   |   |   |   |   |   |   |   |
| Adjustments to Reconcile Net (Loss) to Net Cash                                         |   |                             |         |   |   |   |   |   |   |   |   |   |
| provided (used) by Operating Activities:                                                |   |                             |         |   |   |   |   |   |   |   |   |   |
| Depreciation, Depletion and Amortization                                                |   |                             | 1,778,539    |   |   |   | 1,905,854 |   |   |   | 1,238,733 |   |
| Impairment, Dry Hole and Other Disposals of Property                                    |   |                             | 422,590      |   |   |   | 5,184,492 |   |   |   | 481,930 |   |
| Minority Interest                                                                       |   |                             | -            |   |   |   | (269,005) |   |   |   | (139,939) |   |
| Loss on Buyback of Minority Interest                                                    |   |                             | -            |   |   |   | 168,702 |   |   |   | 169,374 |   |
| Stock-based Compensation Costs, Net of Taxes                                            |   |                             | 521,374      |   |   |   | 745,640 |   |   |   | 831,752 |   |
| Warrants Costs from Issuance of Restricted Common Stock                                 |   |                             | -            |   |   |   | (374,867) |   |   |   | 384,352 |   |
| Marketable Securities                                                                   |   |                             | -            |   |   |   | - |   |   |   | (380,000) |   |
| (Gain) or Loss on Sale of Property                                                      |   |                             | (258,797)    |   |   |   | (773,565) |   |   |   | - |   |
| Bad Debt Expense                                                                        |   |                             | 33,322       |   |   |   | - |   |   |   | - |   |
| Director Stock Compensation                                                             |   |                             | 23,400       |   |   |   | 93,480 |   |   |   | 112,428 |   |
| Changes in Operating Capital:                                                           |   |                             |         |   |   |   |   |   |   |   |   |   |
| (Increase) or Decrease in Accounts Receivable                                           |   |                             | 846,048      |   |   |   | (711,743) |   |   |   | 63,757 |   |
| (Increase) or Decrease  in Prepaid Expenses                                   |   |                             | (4,860)      |   |   |   | - |   |   |   | 30,500 |   |
| (Increase) or Decrease in Deposits and Other Assets                                     |   |                             | (49,887)     |   |   |   | 222,359 |   |   |   | (28,939) |   |
| Increase or (Decrease) in Income Taxes Payable                                          |   |                             | -            |   |   |   | - |   |   |   | - |   |
| Increase or (Decrease) in Accounts Payable, Deferred Revenue and Accrued Expenses       |   |                             | 2,960,272    |   |   |   | (2,088,814) |   |   |   | 3,704,199 |   |
| Increase or (Decrease) in Amounts Payable to Joint Venture Partners and Related Parties |   |                             | 4,160,134    |   |   |   | 630,754 |   |   |   | 604 |   |
| Increase or (Decrease) in Accounts Receivable from Joint Venture Partners               |   |                             | (2,516,338)  |   |   |   | (7,660,681) |   |   |   | (1,736,982) |   |
|                                                                                    |   |                             |         |   |   |   |   |   |   |   |   |   |
| Net Cash Provided (Used in) Operating Activities                                        |   |                             | (2,746,140)  |   |   |   | (17,136,567) |   |   |   | (3,875,122) | ) |
|                                                                                    |   |                             |         |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |                             |         |   |   |   |   |   |   |   |   |   |
| Cash Provided (Used) by Investing Actives                                               |   |                             |         |   |   |   |   |   |   |   |   |   |
| Proceeds from the Sale of Property                                                      |   |                             | 287,084      |   |   |   | 7,388,654 |   |   |   | - |   |
| Buyback of Minority Interest in GVD/GVP                                                 |   |                             | (3,334,595)  |   |   |   | (418,647) |   |   |   | (5,019,440) |   |
| Proceeds from the Sale of Marketable Securities.                                        |   |                             | 146,071      |   |   |   | 79,998 |   |   |   | - |   |
| Member Captial Distributions                                                            |   |                             | -            |   |   |   | - |   |   |   | (170,796) |   |
| Capital Expenditures                                                                    |   |                             | (465,153)    |   |   |   | (7,306,831) |   |   |   | (5,853,593) |   |
| (Investment in) Marketable Securities                                                   |   |                             | 200,985      |   |   |   | - |   |   |   | (47,056) |   |
|                                                                                    |   |                             |         |   |   |   |   |   |   |   | - |   |
| Net Cash Provided (Used) by Investing Activities                                        |   |                             | (3,165,608)  |   |   |   | (256,826) |   |   |   | (11,090,885) |   |
|                                                                                    |   |                             |         |   |   |   |   |   |   |   |   |   |

----

|                                                  | For the Years Ended December 31,                                                                                                      |
|-------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                  | 2009                                                                                                                                  |   | 2008 |   | 2007 |
|                                                  |                                                                                                                                  |   |   |   |   |
| Cash Provided (Used) by Investing Actives             |                                                                                                                                  |   |   |   |   |
| Principal Payments on Long-Term Debt                  |          (392,249)                                                                       |   |          (530,328) |   |      (1,109,241) |
| Net Proceeds from the Sale of Minority Interest       |                       - |   |         3,603,600 |   |                      - |
| Net Proceeds from the Issuance of Warrants            |                       - |   |                       - |   |           268,197 |
| Net Proceeds from the Issuance of Stock Options       |              21,500                                                  |   |              39,150 |   |                      - |
| Net Proceeds from the Issuance of Common Stock        |         4,572,636                                                                             |   |         8,614,066 |   |        7,876,529 |
|                                                  |                                                                                                                                  |   |   |   |   |
| Net Cash Provided (Used) by Financing Activities      |         4,201,887                                                                             |   |       11,726,488 |   |        7,035,485 |
|                                                  |                                                                                                                                  |   |   |   |   |
| Net Increase (Decrease) in Cash and Cash Equivalents: |       (1,709,861)                                                                                       |   |       (5,666,905) |   |      (7,930,522) |
|                                                  |                                                                                                                                  |   |   |   |   |
| Cash at the Beginning Year                            |         2,000,787                                                                             |   |         7,667,693 |   |      15,598,215 |
|                                                  |                                                                                                                                  |   |   |   |   |
| Cash at End of Year                                   |            290,926                                                             |   |         2,000,787 |   |        7,667,693 |
|                                                  |                                                                                                                                  |   |   |   |   |
|    Interest paid                       |            204,741                                                             |   |            217,748 |   |           258,829 |
|    Income Taxes Paid                   |                       - |   |                       - |   |                      - |
|                                                  |                                                                                                                                  |   |   |   |   |
| Non Cash Investing and Financing                      |                                                                                                                                  |   |   |   |   |
|    Property Purchased with Debt        |                       - |   |                       - |   |             31,948 |

----

|   | • | Tri-Valley Oil & Gas Co. (“TVOG”)—conducts our hydrocarbon (crude oil and natural gas) business.  TVOG derives its revenue from crude oil and natural gas drilling. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Select Resources Corporation, Inc. (“Select”)—conducts our precious metals and industrial minerals business.  Select holds and develops three major mineral assets in the State of Alaska. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Great Valley Production Services, LLC (“GVPS”)—conducts our oil production services, well work over services, and the business of refurbishment of oilfield equipment. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Great Valley Drilling Company, LLC (“GVDC”)—formed to operate an oil drilling rig in the State of Nevada. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------|

|   | • | Tri-Valley Power Corporation—is inactive at the present time. |
|--------|---------|---------------------------------------------------------------------|

| Tri-Valley's businesses are organized into four operating segments: |
|---------------------------------------------------------------------|
|                                                                |   |
| -                                                                   | Oil and Gas Operations—This segment represents our oil and gas business.  Further, during 2009, this segment generated 74% of the Company’s revenues from operations. |
|                                                                |   |
| -                                                                   | Rig Operations—This segment consists of drilling rig operations and also includes income from the rental and sale of oil field equipment. |
|                                                                |   |
| -                                                                   | Minerals—This segment represents our precious metal and mineral prospects.  In the past, it has generated revenues from pilot-scale mining projects and subcontracting exploration and business development projects.  This segment holds title to land or leases in the State of Alaska.  There was no significant precious metals activity in 2009. |
|                                                                |   |
| -                                                                   | Drilling and Development—This segment includes revenue received from crude oil and natural gas drilling and development operations performed for joint venture partners. |

----

----

----

----

| Office furniture and fixturesVehicles, machinery, and equipmentBuilding | 3 - 7 years5 - 10 years15 years |
|-------------------------------------------------------------------------|---------------------------------|

----

|                                                                       |        |   | December 31,  |   | December 31,  |   | December 31,  |
|----------------------------------------------------------------------------|-------------|--------|---------------|--------|---------------|--------|---------------|
|                                                                       |        |   | 2009          |   | 2008          |   | 2007          |
| Net Income                                                                 | As Reported |   | (10,661,937)  |   | (14,209,174)  |   | (8,606,891)   |
| Add: Stock-based compensation expense included in reported                 |        |   |          |   |          |   |          |
|    net income, net of tax benefit:                          |        |   | 521,374  |   | 745,640  |   | 831,752  |
| Deduct: Stock-based compensation expense determined under                  |        |   |          |   |          |   |          |
|     fair value based method for all awards, net of tax |        |   | (521,374)     |   | (745,640)     |   | (831,752)     |
|                                                                       | Pro forma   |   | (10,661,937)  |   | (14,209,174)  |   | (8,606,891)   |
|                                                                       |        |   |          |   |          |   |          |
|                                                                       |        |   |          |   |          |   |          |
| Earnings Per Share                                                         | As Reported |   | (0.33)        |   | (0.54)        |   | (0.35)        |
|                                                                       | Pro forma   |   | (0.33)        |   | (0.54)        |   | (0.35)        |

----

| ·   | An expanded definition of oil and gas producing activities to include nontraditional resources such as bitumen extracted from oil sands. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The use of an average of the first-day-of-the-month price for the 12-month period, rather than a year-end price for determining whether reserves can be produced economically. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Amended definitions of key terms such as “reliable technology” and “reasonable certainty” which are used in estimating proved oil and gas reserve quantities. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | A requirement for disclosing separate information about reserve quantities and financial statement amounts for geographical areas representing 15 percent or more of proved reserves. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Clarification that an entity’s equity investments must be considered in determining whether it has significant oil and gas activities and a requirement to disclose equity method investments in the same level of detail as required for consolidated investments. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Property, Plant and Equipment consist of the following:                 |   |   |        |   |   |   |
|-------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
|                                                                    |   |   |        |   |   |   |
|                                                                    |   | 2009   |        |   | 2008   |   |
|                                                                    |   |   |        |   |   |   |
| Oil and Gas - California                                                |   |   |        |   |   |   |
|    Proved Properties, Gross                              |   | $      | 1,071,216   |   |   | $      | 1,175,566 |   |
|    Accumulated Depletion                                 |   |   | (1,045,951) |   |   |   | (1,022,021) |   |
|    Proved Properties, Net                                |   |   | 25,265      |   |   |   | 153,545 |   |
|    Unproved Properties                                   |   |   | 1,551,998   |   |   |   | 1,616,919 |   |
|      Total Oil and Gas Properties              |   |   | 1,577,263   |   |   |   | 1,770,464 |   |
|                                                                    |   |   |        |   |   |   |   |   |
|                                                                    |   |   |        |   |   |   |   |   |
| Other Property and Equipment                                            |   |   |        |   |   |   |   |   |
|    Land                                                  |   |   | 21,281      |   |   |   | 21,281 |   |
|    Building                                              |   |   | 45,124      |   |   |   | 45,124 |   |
|    Machinery & Equipment                             |   |   | 7,698,587   |   |   |   | 7,601,054 |   |
|    Rigs                                                  |   |   | 2,170,419   |   |   |   | 2,170,411 |   |
|    Vehicles                                              |   |   | 890,272     |   |   |   | 890,272 |   |
|    Transmission Tower                                    |   |   | -           |   |   |   | 51,271 |   |
|    Office Furniture and Equipment                        |   |   | 154,816     |   |   |   | 154,624 |   |
|      Total Other Property and Equipment, Gross |   |   | 10,980,499  |   |   |   | 10,934,037 |   |
|    Accumulated Depreciation                              |   |   | (4,377,357) |   |   |   | (2,783,000) |   |
|      Total Other Property and Equipment, Net   |   |   | 6,603,142   |   |   |   | 8,151,037 |   |
|                                                                    |   |   |        |   |   |   |   |   |
| Property, Plant and Equipment, Net                                      |   | $      | 8,180,405   |   |   | $      | 9,921,501 |   |

----

| NOTE 4 - NOTES PAYABLE                                                                                                                                                                                                                                                    |   |   |      |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                                                                                                                                                                                                                                      |   | 2009   |      |   | 2008   |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |
| Note payable to Rabobank dated October 5, 2005.  The note is secured by a vehicle at an interest rate of 6.5%, payable in 60 monthly installments of $599.                                                                                                      |   | $      | 5,813     |   |   | $      | 12,380 |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |   |   |
| Note payable to Jim Burke Ford dated November 18, 2005; secured by a vehicle; interest at 6.49%; payable in 60 monthly installments of $714.                                                                                                                              |   |   | 7,602     |   |   |   | 15,387 |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |   |   |
| Note payable to Sealaska Corporation dated July 15, 2005; secured by mining machines and equipment; imputed interest at 7.5%; payable in 10 yearly installments of $200,000. Face amount was $2,000,000 before the imputed interest discount of $627,184 which            |   |   | 944,551   |   |   |   | 1,029,405 |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |   |   |
| Note payable to Three Way Chevrolet dated April 03, 2006; secured by a vehicle; interest at 5.90%; payable in 60 monthly installments of $577.                                                                                                                       |   |   | 8,865     |   |   |   | 15,073 |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |   |   |
| Note payable to Three Way Chevrolet dated February 24, 2006; secured by a vehicle; interest at 9.86%; payable in 60 monthly installments of $1,324.                                                                                                                       |   |   | -         |   |   |   | 31,937 |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |   |   |
| Note payable to Moss Family Trust dated February 14, 2006; secured by 200,000 shares of Tri Valley corporation unregistered restricted common stock; interest at 12.00%; payable in 60 monthly installments of $13,747.                                                   |   |   | 190,604   |   |   |   | 323,876 |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |   |   |
| Note payable to Moss Family Trust dated March 8, 2006; secured by 80,000 shares of Tri Valley corporation unregistered restricted common stock; interest at 12.00%; payable in 60 monthly installments of $5,728                                                          |   |   | 79,418    |   |   |   | 134,948 |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |   |   |
| Note payable to Three Way Chevrolet dated January 22, 2007; secured by a vehicle; interest at 6.90%; payable in 60 monthly installments of $622.                                                                                                                          |   |   | 14,450    |   |   |   | 20,685 |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |   |   |
| Note payable to Gary D, Borgna and Julie R. Borgna, and Equipment 2000 dated December 30, 2006; secured by Rig Equipment; imputed interest at 8.00%; payable in 120 monthly installments of $9,100 and a payment of $300,000 paid January 3, 2007.  Face amount |   |   | 583,828   |   |   |   | 643,690 |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |   |   |
| Total Debt at December 31, 2009                                                                                                                                                                                                                                           |   |   | 1,835,131 |   |   |   | 2,227,381 |   |
| Less Current Portion                                                                                                                                                                                                                                                      |   |   | 439,482   |   |   |   | 389,648 |   |
| Long-Term Portion of Notes Payable                                                                                                                                                                                                                                        |   | $      | 1,395,649 |   |   | $      | 1,837,733 |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |   |   |
| Maturities of long-term debt for the years subsequent to December 31, 2009 are asfollows:                                                                                                                                                                                 |   |   |      |   |   |   |   |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   |   |   |   |
|                                                                                                                                                                                                                                                                      |   |   | 2010      |   |   |   | 439,483 |   |
|                                                                                                                                                                                                                                                                      |   |   | 2011      |   |   |   | 280,142 |   |
|                                                                                                                                                                                                                                                                      |   |   | 2012      |   |   |   | 226,419 |   |
|                                                                                                                                                                                                                                                                      |   |   | 2013      |   |   |   | 243,345 |   |
|                                                                                                                                                                                                                                                                      |   |   | 2014-2016 |   |   |   | 645,743 |   |
|                                                                                                                                                                                                                                                                      |   |   |      |   |   | $      | 1,835,131 |   |

----

| Year |   | Expected Life |   | Expected Dividends |   | Expected Volatility |   | Risk-Free Interest Rates |
|------|--------|---------------|--------|--------------------|--------|---------------------|--------|--------------------------|
| 2009 |   | 3.00          |   | None               |   | 115%                |   | 1.0%                     |

----

|                     |         |   |                                   |   |      |                                                     |   |                                       |      |                           |      |   |                                                 |   |
|--------------------------|--------------|--------|----------------------------------------|--------|-----------|----------------------------------------------------------|--------|--------------------------------------------|-----------|--------------------------------|-----------|--------|------------------------------------------------------|--------|
| Range of Exercise Prices |         |   | Number Outstandingat December 31, 2009 |   |      | Number Outstanding & exercisableat December 31, 2009 |   | Weighted-AverageRemaining Contractual Life |      | Weighted-AverageExercise Price |      |   | Intrinsic Value(1) at December 31,2009(in thousands) |   |
|                     |         |   |                                   |   |      |                                                     |   |                                       |      |                           |      |   |                                                 |   |
| $                        | .50 - $10.00 |   |                                   |   | 2,490,500 |                                                     |   |                                       | 1,849,000 |                           | 3.8 years |   | $                                                    | 3.89   |   |   | $ | 826 |   |
|                     |         |   |                                   |   |      |                                                     |   |                                       |      |                           |      |   |                                                 |   |   |   |   |   |   |

|                     |         |   |                 |   |      |                                 |   |                       |      |             |      |   |                               |   |
|--------------------------|--------------|--------|----------------------|--------|-----------|--------------------------------------|--------|----------------------------|-----------|------------------|-----------|--------|------------------------------------|--------|
|                     |         |   | Number Outstanding   |   |      | Number Outstanding & exercisable |   | Weighted-Average           |      | Weighted-Average |      |   | Intrinsic Value(1) at December 31, |   |
| Range of Exercise Prices |         |   | at December 31, 2008 |   |      | at December 31, 2008                 |   | Remaining Contractual Life |      | Exercise Price   |      |   | 2008(in thousands)                 |   |
|                     |         |   |                 |   |      |                                 |   |                       |      |             |      |   |                               |   |
| $                        | .50 - $10.00 |   |                 |   | 2,405,350 |                                 |   |                       | 1,860,350 |             | 3.5 years |   | $                                  | 3.49   |   |   | $ | 590 |   |
|                     |         |   |                 |   |      |                                 |   |                       |      |             |      |   |                               |   |   |   |   |   |   |

|                     |         |   |                 |   |      |                                 |   |                       |      |             |      |   |                               |   |
|--------------------------|--------------|--------|----------------------|--------|-----------|--------------------------------------|--------|----------------------------|-----------|------------------|-----------|--------|------------------------------------|--------|
|                     |         |   | Number Outstanding   |   |      | Number Outstanding & exercisable |   | Weighted-Average           |      | Weighted-Average |      |   | Intrinsic Value(1) at December 31, |   |
| Range of Exercise Prices |         |   | at December 31, 2007 |   |      | at December 31, 2007                 |   | Remaining Contractual Life |      | Exercise Price   |      |   | 2007(in thousands)                 |   |
|                     |         |   |                 |   |      |                                 |   |                       |      |             |      |   |                               |   |
| $                        | .50 - $10.00 |   |                 |   | 2,967,350 |                                 |   |                       | 2,417,850 |             | 3.8 years |   | $                                  | 2.64   |   |   | $ | 11,509 |   |
|                     |         |   |                 |   |      |                                 |   |                       |      |             |      |   |                               |   |   |   |   |   |   |

----

|                                                |   | 2009   |      |   | 2008     |   |      | 2007   |   |
|-----------------------------------------------------|--------|--------|-----------|--------|----------|--------|-----------|--------|--------|
|                                                |   |   |      |   | Weighted |   |      |   |   |   | Weighted |   |   |   |   |   | Weighted |   |
|                                                |   |   |      |   | Average  |   |      |   |   |   | Average |   |   |   |   |   | Average |   |
|                                                |   |   |      |   | Exercise |   |      |   |   |   | Exercise |   |   |   |   |   | Exercise |   |
|                                                |   | Shares |      |   | Price    |   |      | Shares |   |   | Price |   |   | Shares |   |   | Price |   |
| Fixed Options                                       |   |   |      |   |     |   |      |   |   |   |   |   |   |   |   |   |   |   |
|    Outstanding at beginning of year: |   |   | 2,405,350 |   |     | $      | 4.37      |   |   |   | 2,967,350 |   |   | $ | 3.50 |   |   |   | 2,914,850 |   |   | $ | 2.67 |   |
|    Granted                           |   |   | 595,000   |   |     | $      | 1.52      |   |   |   | 350,000 |   |   | $ | 6.06 |   |   |   | 700,000 |   |   | $ | 7.41 |   |
|    Exercised                         |   |   | (63,000)  |   |     | $      | 0.69      |   |   |   | (796,000) |   |   | $ | 1.29 |   |   |   | (440,000) |   |   | $ | 1.99 |   |
|    Forfeited                         |   |   | (446,850) |   |     | $      | 3.56      |   |   |   | (116,000) |   |   | $ | 8.41 |   |   |   | (207,500) |   |   | $ | 8.26 |   |
|                                                |   |   |      |   |     |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding at end of year                          |   |   | 2,490,500 |   |     | $      | 3.93      |   |   |   | 2,405,350 |   |   | $ | 4.37 |   |   |   | 2,967,350 |   |   | $ | 3.50 |   |
|                                                |   |   |      |   |     |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options exercisable at year-end                     |   |   | 1,849,000 |   |     | $      | 3.89      |   |   |   | 1,860,850 |   |   | $ | 3.49 |   |   |   | 2,417,850 |   |   | $ | 2.64 |   |
|                                                |   |   |      |   |     |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average fair value of                      |   |   |      |   |     |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| options granted during the year:                    |   |   |      |   |     |   | $1.11     |   |   |   |   |   |   |   | $1.89 |   |   |   |   |   |   |   | $4.00 |   |
|                                                |   |   |      |   |     |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Available for issuance                              |   |   |      |   |     |   | 1,349,350 |   |   |   |   |   |   |   | 1,597,500 |   |   |   |   |   |   |   | 1,831,500 |   |

|                            |   |             |     |   |                                   |   |
|---------------------------------|--------|------------------|----------|--------|----------------------------------------|--------|
|                            |   | Number of Shares |     |   | Weighted-Average Grant-Date Fair Value |   |
| Non-vested at January 1, 2009   |   |             | 545,000  |   |                                   | $      | 2.12 |   |
|                            |   |             |     |   |                                   |   |   |   |
| Granted                         |   |             | 595,000  |   |                                   | $      | 1.11 |   |
| Vested                          |   |             | (114,000 | )      |                                   | $      | 0.99 |   |
| Forfeited                       |   |             | (384,500 | )      |                                   | $      | 1.36 |   |
| Non-vested at December 31, 2009 |   |             | 641,500  |   |                                   | $      | 1.84 |   |

----

|                                                                                                                                               |   | December 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                                                                               |   | 2009         |   |   | 2008 |   |   | 2007 |   |
| Drilling and Development Revenue                                                                                                                   |   | $            | -      |   |   | $ | 2,588,650 |   |   | $ | 6,131,613 |   |
|                                                                                                                                               |   |         |   |   |   |   |   |   |   |   |   |   |
| Drilling and Development Costs                                                                                                                     |   | $            | -      |   |   | $ | 1,815,085 |   |   | $ | 5,010,799 |   |
|                                                                                                                                               |   |         |   |   |   |   |   |   |   |   |   |   |
| Oil and gas income from the Tri-Valley Oil & Gas Exploration Programs 1971-1 for fiscal year-ended December 31, 2009, 2008, and 2007, follows: |   |         |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                               |   |         |   |   |   |   |   |   |   |   |   |   |
| Partnership Income, Net of Expenses                                                                                                                |   | $            | 30,000 |   |   | $ | - |   |   | $ | 30,000 |   |

|       |   | Full Year Basic |   | Weighted       |             | Weighted Average     |             |
|------------|--------|-----------------|--------|----------------|------------------|----------------------|------------------|
|       |   | Earnings (Loss) |   | Average Shares |             | Potentially Dilutive |             |
|  Year |   | Per Share       |   | Outstanding    |             | Shares Outstanding   |             |
| 2009       |   | $               | (0.33) |           |  32,629,389 |                 |  35,159,148 |   |
| 2008       |   | $               | (0.54) |           |  26,664,682 |                 |  29,515,887 |   |
| 2007       |   | $               | (0.35) |           |  24,723,766 |                 |  28,061,401 |   |

----

| The components of deferred tax assets at December 31, 2009, 2008 and 2007 are composed of |   |         |         |   |
|-------------------------------------------------------------------------------------------|--------|--------------|--------------|--------|
|                                                                                      |   |         |         |   |   |   |   |   |   |
|                                                                                      |   | December 31, |         |   | December 31, |   |   | December 31, |   |
|                                                                                      |   | 2009         |         |   | 2008 |   |   | 2007 |   |
| Net operating loss carry forwards                                                         |   |         | 19,741,824   |   |   |   | 14,813,815 |   |   |   | 9,219,236 |   |
| Statutory depletion carry forwards                                                        |   |         | 531,400      |   |   |   | 684,835 |   |   |   | 540,330 |   |
| Unrealized loss on investment available for sale.                                         |   |         | -            |   |   |   | 123,079 |   |   |   | - |   |
|                                                                                      |   |         | 20,273,224   |   |   |   | 15,621,729 |   |   |   | 9,759,566 |   |
|                                                                                      |   |         |         |   |   |   |   |   |   |   |   |   |
| Less: deferred tax asset valuation allowance                                              |   |         | (20,273,224) |   |   |   | (15,498,650) |   |   |   | (9,759,566) |   |
|                                                                                      |   |         |         |   |   |   |   |   |   |   |   |   |
| Net deferred tax assets                                                                   |   | $            | -            |   |   | $ | 123,079 |   |   | $ | - |   |

| The Company’s operations are classified into four principal segments: |
|-----------------------------------------------------------------------------|
|                                                                        |   |
| -                                                                           | Oil and gas operations represent our oil and gas business.  Further, during 2009, this segment generated 74% of the Company’s revenues from operations. |
|                                                                        |   |
| -                                                                           | Rig operations consist of drilling rig operations and also include income from the rental and sale of oil field equipment. |
|                                                                        |   |
| -                                                                           | Minerals represent our precious metal and mineral prospects.  This segment holds title to land or leases in the State of Alaska.  There was no significant precious metals activity in 2009. |
|                                                                        |   |
| -                                                                           | Drilling and development includes revenues received from crude oil and natural gas drilling and development operations performed for joint venture partners. |
|                                                                        |   |

----

|                                                                            |             |            |            |            | Non              |             |
|---------------------------------------------------------------------------------|------------------|-----------------|-----------------|-----------------|------------------|------------------|
|                                                                            | Oil and Gas      | Rig             |            | Drilling and    | Segmented        |             |
|                                                                            | Production       | Operations      | Minerals        | Development     | Items            | Total            |
| Year Ended December 31, 2009:                                                   |             |            |            |            |             |             |
|       Revenue                                     | 1,066,000   | -          | 47,100     | -          | 334,900     | 1,448,000   |
|       Interest Expense                            | 72,373      | 50,445     | 81,923     | -          | -           | 204,741     |
|       Operating Income (Loss)                     | (4,900,000)      | (442,000)       | (200,100)       | (63,000)        | (5,056,900)      | (10,662,000)     |
|       Expenditures for Segment Assets:            | 465,153     | -          | -          | -          | -           | 465,153     |
|       Depreciation, Depletion, & Amortization | 1,025,827   | 442,447    | 247,308    | 62,957     | -           | 1,778,539   |
|                                                                            |             |            |            |            |             |             |
|       Total Assets                                | 5,952,959   | 1,660,500  | 1,447,387  | 168,241    | 6,303,242   | 15,532,330  |
|                                                                            |             |            |            |            |             |             |
|       Net (Loss):                                 | (4,900,000)      | (442,000)       | (200,100)       | (63,000)        | (5,056,900)      | (10,662,000)     |
|                                                                            |             |            |            |            |             |             |
|                                                                            |             |            |            |            |             |             |
|                                                                            |             |            |            |            | Non              |             |
|                                                                            | Oil and Gas      | Rig             |            | Drilling and    | Segmented        |             |
|                                                                            | Production       | Operations      | Minerals        | Development     | Items            | Total            |
|   Year Ended December 31, 2008:                                            |             |            |            |            |             |             |
|       Revenue                                     | 3,759,000   | 1,451,000  | 142,000    | 2,589,000  | 184,000     | 8,125,000   |
|       Interest Expense                            | 79,084      | 53,858     | 84,805     | -          | -           | 217,747     |
|       Operating Income (Loss)                     | (2,310,000)      | 27,000     | (229,000)       | 774,000    | (12,740,000)     | (14,478,000)     |
|       Expenditures for Segment Assets:            | 6,103,164   | 1,203,667  | -          | -          | 15,296,048  | 22,602,879  |
|       Depreciation, Depletion, & Amortization | 929,518     | 734,991    | 241,345    | -          | -           | 1,905,854   |
|                                                                            |             |            |            |            |             |             |
|       Total Assets                                | 9,102,943   | 2,340,362  | 1,816,206  | -          | 4,211,210   | 17,470,721  |
|                                                                            |             |            |            |            |             |             |
|       Net (Loss):                                 | (2,310,000)      | 27,000     | (229,000)       | 774,000    | (12,740,000)     | (14,478,000)     |
|                                                                            |             |            |            |            |             |             |
|                                                                            |             |            |            |            |             |             |
|                                                                            |             |            |            |            | Non              |             |
|                                                                            | Oil and Gas      | Rig             |            | Drilling and    | Segmented        |             |
|                                                                            | Production       | Operations      | Minerals        | Development     | Items            | Total            |
| Year Ended December 31, 2007:                                                   |             |            |            |            |             |             |
|       Revenue                                     | 1,113,000   | 2,727,000  | 580,000    | 6,132,000  | 464,000     | 11,016,000  |
|       Interest Expense                            | 101,322     | 71,859     | 85,644     | -          | -           | 258,825     |
|       Operating Income (Loss)                     | (28,000)         | 585,000    | (38,000)        | 1,121,000  | (10,387,000)     | (8,747,000)      |
|       Expenditures for Segment Assets:            | 2,280,187   | 3,471,352  | -          | -          | -           | 5,751,539   |
|       Depreciation, Depletion, & Amortization | 229,354     | 766,905    | 242,474    | -          | -           | 1,238,733   |
|                                                                            |             |            |            |            |             |             |
|       Total Assets                                | 23,033,171  | (139,739)       | 2,361,463  | -          | -           | 25,254,895  |
|                                                                            |             |            |            |            |             |             |
|       Net (Loss):                                 | (28,000)         | 585,000    | (38,000)        | 1,121,000  | (10,387,000)     | (8,747,000)      |

----

| -   | During the year, Directors and employees of the Company exercised stock options previously granted.  The new shares issued pursuant to the Stock Option Plan amounted to 54,763 shares. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | The Company issued 90,000 shares to four consultants for services. |
|---|--------------------------------------------------------------------|

| - | The Company issued 2,000 shares each to six Board Members for services rendered. |
|---|----------------------------------------------------------------------------------|

| - | The Company issued 140,000 shares as security for the Moss Family Trust notes payable. |
|---|----------------------------------------------------------------------------------------|

| -   | The remaining 5,653,332 shares were sold in private placements at prices of $1.00 to $2.00 per share for a total consideration of $7.7 million, or a weighted average price of $1.45. Of the 5,653,332 shares issued; 5,153,332 shares were contingently issuable shares at December 31, 2009, as per the Company’s contingent stock agreement for unregistered shares.  Those shares were, subsequently, approved by the NYSE Amex, LLC, on January 5, 2010. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | During the year, the common stock issuance cost was $1.1 million. |
|---------------|-------------------------------------------------------------------|

| -   | During the year, Directors and employees of the Company exercised stock options previously granted.  The new shares issued pursuant to the Stock Option Plan amounted to 632,979 shares. |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | The Company issued 946 shares to one employee in lieu of salary at the closing market price of $7.40 for a total consideration of $7,000. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------|

| - | The Company issued 2,000 shares each to seven Board Members for services rendered. |
|---|------------------------------------------------------------------------------------|

| -   | The remaining 1,713,258 shares were sold in private placements at prices of $4.00 to $8.00 per share for a total consideration of $9.3 million, or a weighted average price of $5.45. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | During the year the common stock issuance cost was $1.3 million. |
|---------------|------------------------------------------------------------------|

----

----

|                                            |   |   |   |   | Payments Due by Period |   |
|-------------------------------------------------|--------|--------|--------|--------|------------------------|--------|
|                                            |   |   |   |   | Less Than              |   |   |  1 - 3 |   |   |  3 -5 |   |   | After 5 |   |   | Total |   |
|                                            |   |   |   |   | 1 Year                 |   |   | Years |   |   | Years |   |   | Years |   |   | Payments |   |
|                                            |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long term Debt                                  |   |   | (1)    |   |                   |   | 439,483 |   |   |   | 749,906 |   |   |   | 645,743 |   |   |   | - |   |   |   | 1,835,132 |   |
| Operating Lease Commitments                     |   |   | (2)    |   |                   |   | 185,640 |   |   |   | 46,410 |   |   |   | - |   |   |   | - |   |   |   | 232,050 |   |
| F. Lynn Blystone, Chairman &                |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Chief Executive Officer Contract          |   |   | (3)    |   |                   |   | 360,000 |   |   |   | 360,000 |   |   |   | - |   |   |   | - |   |   |   | 720,000 |   |
|   Total Contractual Cash obligations: |   |   |   |   |                   | $      | 985,123 |   |   | $ | 1,156,316 |   |   | $ | 645,743 |   |   | $ | - |   |   | $ | 2,787,182 |   |

| (1) | Represents cash obligations for principal payments and interest payments on various loans that are all secured by the asset financed. For further detail, see Note 4 to the Consolidated Financial Statements. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Lease agreement of corporate headquarters in Bakersfield, California, lease terms are until March 2011 at a monthly payment of $15,470. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Employment contract with F. Lynn Blystone:  At December 31, 2009, we had an Employment Agreement with Mr. F. Lynn Blystone, our Chief Executive Officer, with a termination date of January 1, 2011. The terms of the contract were for a base salary amount of $210,000 per year, plus 5,000 shares of our common stock at the end of each year of service.  Mr. Blystone was also entitled to a bonus (not to exceed $25,000) equal to 10% of net operating cash flow before taxes, including interest income and excluding debt service.  Mr. Blystone was also entitled to a bonus of four percent of the Company's annual net after-tax income.  The total of the bonuses from cash flow and from net income could not exceed $50,000 per year, although the Board of Directors might authorize additional bonuses and compensation if it so desired.  The Employment Agreement also provided for a severance payment to Mr. Blystone if he was terminated within 12 months after a sale of control of the Company.  The severance payment was limited to the lesser of $150,000 or an amount calculated pursuant to any rules or regulation promulgated by any regulatory agency having jurisdiction over the Company, plus a pro-rata bonus calculated from cash flow and from net income with a total limit remaining at $50,000.  For purposes of the severance provision, a sale of control was deemed to be the sale of ownership of 30% of the issued and outstanding stock of Tri-Valley Corporation or the acquisition of sufficient stock of the Company to elect or appoint a majority of the members of the Board of Directors of the Company.  Please see Note 16 – Subsequent Events. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                        |   | December 31, |    |   | December 31, |   |    |   | December 31, |   |   |    |
|---------------------------------------------|--------|--------------|---------|--------|--------------|--------|---------|--------|--------------|--------|--------|---------|
|                                        |   | 2009         |    |   | 2008         |   |    |   | 2007         |   |   |    |
|  Beginning Asset Retirement Obligation |   | $            | 327,845 |   |         | $      | 240,394 |   |         |   | $      | 216,714 |   |   |   |
|                                        |   |         |    |   |         |   |    |   |         |   |   |    |   |   |   |
|  Liabilities Assumed in Acquisitions   |   |         | -       |   |         |   | 33,341  |   |  (2)    |   |   | 2,380   |   |  (1) |   |
|  Accretion of Discount                 |   |         | 23,168  |   |         |   | 54,110  |   |         |   |   | 21,300  |   |   |   |
|                                        |   |         |    |   |         |   |    |   |         |   |   |    |   |   |   |
|  Ending Asset Retirement Obligation    |   | $            | 351,013 |   |         | $      | 327,845 |   |         |   | $      | 240,394 |   |   |   |

|   |  (1) | The Company’s portion of the liability for the plugging and abandonment of wells drilled from the Temblor Valley and Pleasant Valley acquisitions. |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  (2) | The Company’s portion of the liability for the plugging and abandonment of wells drilled from the Pleasant Valley and Moffat Ranch acquisitions. |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|                  |   | 2009 Sale of  |
|-----------------------|--------|---------------|
|                  |   | Duluth Metals |
|                  |   |          |
| Net Cost of Equities: |   | $             | 347,056 |
| Proceeds from Sale    |   |          | 146,071 |
| Realized Loss:        |   | $             | 200,985 |

----

----

|                                                                   |   | December 31,2009 |        |   | December 31,2008 |   |        | December 31,2007 |   |
|------------------------------------------------------------------------|--------|------------------|-------------|--------|------------------|--------|-------------|------------------|--------|
|                                                                   |   |             |        |   |             |   |        |             |   |
| Aggregated Capitalized Costs:                                          |   |             |        |   |             |   |        |             |   |
|   Proved Properties                                          |   |             | 1,071,216   |   |             |   | 1,175,566   |             |   |   | 3,026,660 |   |
|   Unproved Properties                                        |   |             | 1,551,998   |   |             |   | 1,616,919   |             |   |   | 2,414,843 |   |
|    Accumulated Depletion, Depreciation and Amortization |   |             | (1,045,951) |   |             |   | (1,022,021) |             |   |   | (882,753) |   |
| Net Capitalized Assets                                                 |   | $                | 1,577,263   |   |             | $      | 1,770,464   |             |   | $ | 4,558,750 |   |

|                                                       |   | December 31,2009 |        |   | December 31,2008 |   |        | December 31,2007 |   |
|------------------------------------------------------------|--------|------------------|-------------|--------|------------------|--------|-------------|------------------|--------|
|                                                       |   |             |        |   |             |   |        |             |   |
| Sales to Unaffiliated Parties                              |   | $                | 1,035,916   |   |             | $      | 3,322,353   |             |   | $ | 791,279 |   |
| Production Costs                                           |   |             | (1,608,181) |   |             |   | (1,291,115) |             |   |   | (430,068) |   |
| Depletion, Depreciation and Amortization                   |   |             | (23,168)    |   |             |   | (164,993)   |             |   |   | (229,354) |   |
|                                                       |   |             | (595,433)   |   |             |   | 1,866,245   |             |   |   | 131,857 |   |
| Income Tax Expense                                         |   |             | -           |   |             |   | -           |             |   |   | - |   |
|                                                       |   |             |        |   |             |   |        |             |   |   |   |   |
| Results of Operations from Activities before               |   |             |        |   |             |   |        |             |   |   |   |   |
|    Extraordinary Items (Excluding Corporate |   |             |        |   |             |   |        |             |   |   |   |   |
|     Overhead and Interest Costs)       |   | $                | (595,433)   |   |             | $      | 1,866,245   |             |   | $ | 131,857 |   |

----

|                                                                 | December 31, 2009 |          | December 31, 2008 |          | December 31, 2007 |
|----------------------------------------------------------------------|-------------------|---------------|-------------------|---------------|-------------------|
|                                                                 | Oil (BBL)         | Gas (MCF)     |              | Oil (BBL)     | Gas (MCF)         |   | Oil (BBL) | Gas (MCF) |
|                                                                 |              |          |              |          |              |   |   |   |
| Proved Developed and                                                 |              |          |              |          |              |   |   |   |
|    Undeveloped Reserves:                              |              |          |              |          |              |   |   |   |
|      Beginning of year                      | -            | 695,931  |              | 372,048  | 791,129      |   | 275,452  | 787,017  |
|      Revisions (a), (b), (d), (e), (h), (i) | 3,041,802    | (268,603)     |              | (345,749)     | (50,115)          |   | (44,447) | 20,299  |
|      Purchase (f)                           | -            | -        |              | -        | -            |   | 148,049  | -  |
|      Improved Recovery ( c ), (g)           | -            | -        |              | -        | 56,987       |   | -  | 29,741  |
|      Production                             | (21,092)          | (32,076)      |              | (26,299)      | (102,070)         |   | (7,006) | (45,928) |
|                                                                 |              |          |              |          |              |   |   |   |
| End of Year                                                          | 3,020,710    | 395,252  |              | -        | 695,931      |   | 372,048  | 791,129  |
|                                                                 |              |          |              |          |              |   |   |   |
| Proved Developed Reserves:                                           |              |          |              |          |              |   |   |   |
|      Beginning of Year                      | -            | 695,931  |              | 372,048  | 791,128      |   | 275,452  | 787,017  |
|      End of Year                            | 282,271      | 395,252  |              | -        | 695,931      |   | 372,048  | 791,129  |

----

|   | (1) | Estimates are made of quantities of proved reserves and the future periods during which they are expected to be produced based on year-end economic conditions. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | The estimated future production of proved reserves is priced on the basis of year-end prices. |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (3) | The resulting future gross revenue streams are reduced by estimated future costs to develop and to produce proved reserves, based on year end cost estimates. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | The resulting future net revenue streams are reduced to present value amounts by applying a ten percent discount. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|                                                    |   | December 31,2009 |         |   | December 31,2008 |   |        | December 31,2007 |   |
|---------------------------------------------------------|--------|------------------|--------------|--------|------------------|--------|-------------|------------------|--------|
|                                                    |   |             |         |   |             |   |        |             |   |
| Future cash in Flows                                    |   | $                | 160,584,010  |   |             | $      | 4,911,415   |             |   | $ | 36,745,611 |   |
| Future Production and Development Costs                 |   |             | (55,032,917) |   |             |   | (1,406,356) |             |   |   | (12,714,080) |   |
| Future Income Tax Expenses                              |   |             | (14,622,750) |   |             |   | (200,908)   |             |   |   | (1,568,917) |   |
| Future Net Cash Flows                                   |   |             | 90,928,343   |   |             |   | 3,304,151   |             |   |   | 22,462,614 |   |
| 10% Annual Discount for Estimated Timing of Cash Flows  |   |             | 46,676,521   |   |             |   | 1,557,893   |             |   |   | 10,138,224 |   |
| Standardized Measure of Discounted Future Net Cash Flow |   |             | 44,251,822   |   |             |   | 1,746,258   |             |   |   | 12,324,390 |   |

----

|                                                        |   | December 31,2009 |         |   | December 31,2008 |   |         | December 31,2007 |   |
|-------------------------------------------------------------|--------|------------------|--------------|--------|------------------|--------|--------------|------------------|--------|
|                                                        |   |             |         |   |             |   |         |             |   |
| Standardized Measure - Beginning of Period                  |   | $                | 1,746,258    |   |             | $      | 12,324,390   |             |   | $ | 6,121,295 |   |
|                                                        |   |             |         |   |             |   |         |             |   |   |   |   |
| Sales of oil and gas produced, net of production costs      |   |             | (329,949)    |   |             |   | (3,090,340)  |             |   |   | (690,155) |   |
| Revisions of estimates of reserves provided in prior years: |   |             |         |   |             |   |         |             |   |   |   |   |
|    Net Changes in Prices                     |   |             | 54,439,800   |   |             |   | 973,607      |             |   |   | 8,801,793 |   |
|    Revisions of Previous Quantity Estimates  |   |             | 1,416,000    |   |             |   | 2,641,502    |             |   |   | 1,641,446 |   |
|    Extensions and Discoveries                |   |             | 107,819,000  |   |             |   | 86,986       |             |   |   | 4,718,914 |   |
|    Property Acquisition                      |   |             | -            |   |             |   | -            |             |   |   | - |   |
| Accretion of Discount                                       |   |             | (52,792,287) |   |             |   | 1,485,846    |             |   |   | (15,970,845) |   |
| Changes in Production and development Costs                 |   |             | (64,700,000) |   |             |   | (11,307,724) |             |   |   | 6,855,893 |   |
| Net Change in Income Taxes                                  |   |             | (3,347,000)  |   |             |   | (1,368,009)  |             |   |   | 846,049 |   |
|                                                        |   |             |         |   |             |   |         |             |   |   |   |   |
| Net Increase (Decrease)                                     |   |             | 42,505,546   |   |             |   | (10,578,132) |             |   |   | 6,203,095 |   |
|                                                        |   |             |         |   |             |   |         |             |   |   |   |   |
| Standardized Measure - End of Period                        |   | $                | 44,251,822   |   |             | $      | 1,746,258    |             |   | $ | 12,324,390 |   |

|                                                                  |    | 2009           |   |
|-----------------------------------------------------------------------|---------|----------------|--------|
|                                                                  |    |   First   |   |   | Second |   |   | Third |   |   | Fourth |   |
|                                                                  |    |   Quarter |   |   | Quarter |   |   | Quarter |   |   | Quarter |   |
|                                                                  |    |           |   |   |   |   |   |   |   |   |   |   |
| Operating Revenue                                                     |    | 359,770        |   |   |  509,713 |   |   |  450,291 |   |   |   | 128,227 |   |
| Net Income (Loss)                                                     |    | (3,053,839)    |   |   |  (2,189,288) |   |   |  (2,726,063) |   |   |   | (2,692,747) |   |
|                                                                  |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income per Common Share Basic                                     | $       | (0.11)         |   |   | $ | (0.08) |   |   | $ | (0.09) |   |   | $ | (0.05) |   |
|                                                                  |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |    |           |
|                                                                  | 2008    |           |
|                                                                  |    | First          |   |   | Second |   |   | Third |   |   | Fourth |   |
|                                                                  |    | Quarter        |   |   | Quarter |   |   | Quarter |   |   | Quarter |   |
|                                                                  |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Revenue                                                     |    | 1,678,847      |   |   |  2,262,189 |   |   |  1,425,456 |   |   |   | 2,758,206 |   |
| Net Income (Loss)                                                     |    | (2,107,883)    |   |   |  (3,340,668) |   |   |  (1,197,399) |   |   |   | (7,832,228) |   |
|                                                                  |    |           |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income per Common Share Basic                                     | $  | (0.09)    |   |   |  $ | (0.13)  |   |   |  $ | (0.05)  |   |   |  $ | (0.27)  |   |
|                                                                  |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |    |           |
|                                                                  | 2007    |           |
|                                                                  |    | First          |   |   | Second |   |   | Third |   |   | Fourth |   |
|                                                                  |    | Quarter        |   |   | Quarter |   |   | Quarter |   |   | Quarter |   |
|                                                                  |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Revenue                                                     |    | 1,516,300      |   |   |  1,299,709 |   |   |  3,912,591 |   |   |   | 4,004,721 |   |
| Net Income (Loss)                                                     |    | (2,402,019)    |   |   |  (2,810,243) |   |   |  (1,038,643) |   |   |   | (2,355,986) |   |
|                                                                  |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income per Common Share Basic       | $  | (0.09)    |   |   |  $ | (0.11)  |   |   |  $ | (0.05)  |   |   |  $ | (0.10)  |   |

----

|   |    |   |                                                                                                                                                                                                                                                                                                                      |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • |   | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;                                                                                                                                                                          |
|   |    |   |                                                                                                                                                                                                                                                                                                                      |
|   | • |   | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and |
|   |    |   |                                                                                                                                                                                                                                                                                                                      |
|   | • |   | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.                                                                                                                        |

----

|   | 1)     |   | We did not maintain effective controls over several aspects of cash management. The system of controls over existence and valuation was not followed to ensure that cash was properly managed and that cash disbursements were properly authorized and recorded. Some bank reconciliations were not timely prepared.  An unreconciled bank balance may expose the Company to fraud and a material misstatement of cash balances.  Control deviations for cash disbursements may expose the Company to fraud and material misstatement of expense accounts.     |
|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | 2)     |   | We did not maintain effective controls related to the authorization and recording of equity transactions.   The system of controls over existence, valuation, and completeness was not followed to ensure proper support and approval was documented.                                                                                                                                                                                                                                                                                                                                   |
|   | 3)     |   | We did not maintain effective controls over the valuation of property, plant, and equipment.  The system of controls over valuation of fixed assets to properly account for the depreciation of those assets was not followed.  Incorrect valuation of assets may expose the Company to material misstatement of depreciation expense.                                                                                                                                                                                                                                             |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

|   | • |   | Management will communicate its endorsement and reinforce its commitment to maintaining sound and effective internal controls with all staff;                                                             |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |   |                                                                                                                                                                                                      |
|   | • |   | Management will strive to fully staff and train accounting professionals, so that sufficient preparation time and review time will be available to increase the accuracy level of financial transactions. |
|   |    |   |                                                                                                                                                                                                      |
|   | • |   | Management will review and improve procedures to reduce the likelihood of errors in recording financial transactions.                                                                                |

----

----

----

|                          |   |   |   | Year First         |   |                                                                                                                                                            |
|-------------------------------|--------|--------|--------|--------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |   |   |   | Became Director or |   | Position With                                                                                                                                                   |
| Name of Director              |   | Age    |   | Executive Officer  |   | Company                                                                                                                                                         |
|                          |   |   |   |               |   |                                                                                                                                                            |
| F. Lynn Blystone              |   | 74     |   | 1974               |   | Chairman of the Board, Chief Executive Officer, Director, Tri-Valley Corporation,  Chief Executive Officer and Director, Tri-Valley Oil & Gas Co. |
|                          |   |   |   |               |   | Chief Executive Officer, Director, Select Resources Corporation                                                                                                 |
|                          |   |   |   |               |   |                                                                                                                                                            |
| Loren J. Miller(1)(4)         |   | 64     |   | 1992               |   | Director                                                                                                                                                        |
|                          |   |   |   |               |   |                                                                                                                                                            |
| Henry Lowenstein, Ph.D.(2)(3) |   | 55     |   | 2005               |   | Director                                                                                                                                                        |
|                          |   |   |   |               |   |                                                                                                                                                            |
| G. Thomas Gamble(1)(2)(4)     |   | 48     |   | 2006               |   | Director                                                                                                                                                        |
|                          |   |   |   |               |   |                                                                                                                                                            |
| Paul W. Bateman(1)(4)         |   | 52     |   | 2007               |   | Director                                                                                                                                                        |
|                          |   |   |   |               |   |                                                                                                                                                            |
| Edward M. Gabriel(3)          |   | 59     |   | 2007               |   | Director                                                                                                                                                        |
|                          |   |   |   |               |   |                                                                                                                                                            |
| James S. Mayer(4)             |   | 52     |   | 2008               |   | Director                                                                                                                                                        |
|                          |   |   |   |               |   |                                                                                                                                                            |
| Maston N. Cunningham          |   | 57     |   | 2009               |   | President and Chief Operating Officer, Tri-Valley Corporation                                                                                                   |
|                          |   |   |   |               |   |                                                                                                                                                            |
| John E. Durbin                |   | 55     |   | 2009               |   | Chief Financial Officer and Treasurer                                                                                                                           |
|                          |   |   |   |               |   |                                                                                                                                                            |
| Arthur M. Evans               |   | 61     |   | 2005               |   | Chief Compliance Officer                                                                                                                                        |
|                          |   |   |   |               |   |                                                                                                                                                            |
| Joseph R. Kandle              |   | 67     |   | 1999               |   | President, Tri-Valley Oil & Gas Co.                                                                                                                         |
|                          |   |   |   |               |   |                                                                                                                                                            |
| James G. Bush                 |   | 60     |   | 2007               |   | President, Select Resources Corporation, Inc.                                                                                                                   |
|                          |   |   |   |               |   |                                                                                                                                                            |
|                          |   |   |   |               |   |                                                                                                                                                            |

----

| F. Lynn Blystone - 74                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Chairman of the Board of Directors & Chief Executive Officer of Tri-Valley Corporation; Tri-Valley Power Corporation;  Tri-Valley Oil & Gas Co.; Select Resources Corporation, Inc.; Great Valley Drilling Company, LLC; and Great Valley Production Services, LLC; all of which are wholly-owned subsidiaries of Tri-Valley Corporation.Bakersfield, California | 1974   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                               |   |
| Mr. Blystone became President of Tri-Valley Corporation in October, 1981, and was nominally Vice President from July to October, 1981.  His background includes institutional management, venture capital, and various management functions for a mainline pipeline contractor, including the Trans-Alaska Pipeline System (TAPS).  He has founded, managed, and sold companies in several fields, including Learjet charter, commercial construction, municipal finance, and land development.  He is also president of a family corporation, Bandera Land Company, Inc., with real estate interests in Orange County, California.  A graduate of Whittier College, California, he did graduate work at George Williams College, Illinois, in organization management.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| James S. Mayer – 52                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Director                                                                                                                                                                                                                                                                                                                                                                           | 2008   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                               |   |
| Since 2007, Mr. Mayer has been the President of Pinnacle Capital Management, LLC, an investment strategy and corporate advisory firm. He formerly served as a First Vice President, Investments, for Citigroup Global Markets, Inc., from 2005-2006, and as Vice President, Alternative Investments, for Merrill Lynch from 1999-2005 and Vice President, Special Investments, for Merrill Lynch from 1997-1999. He also served as Director, International Business Development, for Perkin-Elmer Corporation from 1980-1993. Mr. Mayer holds a Bachelor’s Degree in Chemistry from State University of New York with graduate studies in corporate finance, investment banking, alternative investments and corporate strategy. He serves on the Finance Committee. Mr. Mayer was appointed to the Board of Directors in August 2008. He is an independent member of our Board of Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                               |   |
| Loren J. Miller, CPA – 64                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Director                                                                                                                                                                                                                                                                                                                                                                           | 1992   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                               |   |
| Mr. Miller served as Treasurer of the Jankovich Company from 2001 until his retirement in 2008.  Prior to Treasurer, he served in other positions at Jankovich from 1994 to 2001.  He served successively as Vice President & Chief Financial Officer of Hershey Oil Corporation from 1987 to 1990 and Mock Resources from 1991 to 1992.  He was Senior Financial Vice President & General Manager of Tosco Production Finance Corporation from 1975 to 1986 and was a Senior Auditor for the accounting firm of Touche Ross & Company from 1968 to 1973.  Mr. Miller is a member of Financial Executive International, the nation’s leading senior financial executive organization and is a Past President of the Los Angeles Chapter.  He is experienced in exploration, production, product trading, refining, and distribution, as well as, corporate finance.  He holds a Bachelor of Science in Accounting and an M.B.A. in Finance from the University of Southern California.  Mr. Miller is an independent member of our Board of Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Henry Lowenstein, Ph.D. - 55                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Director                                                                                                                                                                                                                                                                                                                                                                           | 2005   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                               |   |
| Dr. Lowenstein is Professor of Management at the E. Craig Wall Sr. College of Business Administration, Coastal Carolina University, Conway, South Carolina, since 2007, and from 2007 to 2009 was Dean of the College. Prior to joining the Coastal Carolina University, he was Dean of Business and Public Administration at California State University, Bakersfield, from 2000 to 2007. Dr. Lowenstein has a broad background in management within business, academic, government, and public service organizations. He has served as an experienced reviewer, consultant, and on a number of committees for AACSB International, the top accreditation agency for business schools worldwide. Previous academic positions include universities in Illinois, Virginia, and West Virginia.  Locally, he is Chairman of the Board of the Ocean View Memorial Foundation of Myrtle Beach, South Carolina. Dr. Lowenstein has published in the fields of human resource management, public policy, and transportation. During his business career, he was a corporate officer for Kemper Group-Insurance and Financial Services, Dominion Bankshares Corporation, and Americana Furniture, Inc. He previously served as a management analyst for the Executive Office of the President of the United States, Office of Management and Budget, during the Gerald Ford Administration. Dr. Lowenstein received his Ph.D. in Labor and Industrial Relations from the University of Illinois; an M.B.A. from George Washington University; and a Bachelor of Science in Business Administration from Virginia Commonwealth University. Dr. Lowenstein is an independent member of our Board of Directors.  He is chairman of both the Personnel and Compensation Committee and the Nominating and Corporate Governance Committee. |

----

| G. Thomas Gamble - 48                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Director & Vice Chairman of the Board of Directors | 2006   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                   |   |
| Mr. Gamble is a businessman with active investments beyond Tri-Valley Corporation in agriculture, critically acknowledged wine production across several labels, and educational services.  He has successfully participated in the creation, operation, and disposition of several businesses.  His various businesses have received recognition from both the California State Senate and the U.S. House of Representatives, including “Business of the Year” in 2005.   In addition to his Tri-Valley board duties, Mr. Gamble currently serves as director of, and is an original investor in, Boston Reed College, which provides educational opportunities in a growing number of states for busy adults seeking stable and growing careers in the health care industry.  Mr. Gamble is significant investor in both Tri-Valley and its OPUS drilling partnership.   Mr. Gamble graduated from the University of California, Los Angeles, and is an independent member of our Board of Directors.                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                   |   |
| Paul W. Bateman - 52                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Director                                               | 2007   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                   |   |
| Mr. Bateman is President of the Klein & Saks Group, a Washington, D.C.-based firm that advises clients, principally in the mining and metals industries, on public policy matters.  He joined the firm in 1994 and became its President in 1997.  A graduate of Whittier College, he began his career in the late 1970’s, as an aide to then President Richard Nixon. In 1981, he joined the White House Staff under President Reagan and, subsequently, served in that Administration in senior positions at the Departments of Commerce and Treasury. From 1989 to 1993, he served on President George H. W. Bush's White House Staff as Deputy Assistant to the President for Management. Since 2005, Mr. Bateman has been the Chairman and Chief Executive of the International Cyanide Management Institute, which administers a voluntary industry program aimed at improving the management of cyanide used in gold mining. He is a member of the Economic Club of New York, the nation's leading nonpartisan speaking forum, and was its President from 2004-2007. He is the past Chairman of the Reform Institute, a nonpartisan think tank.. Mr. Bateman is an independent member of our Board of Directors.                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Edward M. Gabriel - 59                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Director                                               | 2007   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                   |   |
| Ambassador Gabriel is the former U.S. Ambassador to the Kingdom of Morocco, and, since 2002, is President and CEO of a Washington, D.C.-based strategic business counseling company, The Gabriel Company, LLC.  Ambassador Gabriel brings a diverse background in a variety of petroleum and other energy sources. Ambassador Gabriel’s experience is both domestic and international, with extensive relationships with the U.S. and Middle Eastern governments, and investment capital companies interested in energy projects. He is a member of the advisory board of Guggenheim Partners, a private wealth management firm. His career includes senior management positions with firms such as CONCORD, and the Madison Public Affairs Group, where he advised Fortune 100 Companies on multi-national matters in technology, energy, banking, environmental, and tax policy. Ambassador Gabriel served the Federal Energy Administration/U.S. Department of Energy as Senior Economic Analyst. He serves as Vice-Chairman of the American Task Force for Lebanon and is a Visiting Fellow at the Center for Strategic and International Studies. He is also on the board of directors of the American School of Tangier and the Casablanca American School. He is a Bachelor of Sciences graduate of Gannon University, where he was also awarded an honorary Doctorate of Laws.  Ambassador Gabriel is an independent member of the Tri-Valley board of directors. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                   |   |

----

| Maston N. Cunningham - 57                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | President and Chief Operating Officer of Tri-Valley CorporationBakersfield, California                                                                                                                                                                                       | 2009 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Mr. Cunningham became President & Chief Operating Officer of Tri-Valley Corporation in May 2009 after joining the company as Vice President for Corporate Development after ending an early retirement that commenced in 2002 following his distinguished 22-year international career with Occidental Petroleum Corporation (Oxy) that included over 15 years in Pakistan, Peru and Ecuador.  In 1996, he was appointed President & General Manager of Oxy’s Ecuadorian subsidiary where he led a successful oil exploration and development program, and restructuring of the business unit that included renegotiation of its Oriente Basin Block 15 contract to increase oil reserves, production and profitability.  He was co-founder and first president of ASOPEC, an Ecuadorian petroleum industry association that spearheaded the industry’s efforts to secure government approval for construction of a private $1.1 billion heavy oil pipeline and marine terminal to facilitate additional heavy oil development in the Oriente Basin.  Following government approval in early 2001, the pipeline, known as Oleoducto de Crudos Pesados or OCP and designed to transport up to 450,000 barrels per day over a 300-mile route from eastern Ecuador over the Andes Mountains to the Pacific Coast for export, was constructed and began operating in late 2003.  During his four-year tenure in Ecuador, Mr. Cunningham was responsible for increasing Block 15’s daily oil production from approximately 16,000 to over 30,000 barrels per day; and by 2004 following his departure, production had further expanded to over 100,000 barrels per day with additional investments by Oxy facilitated by new capacity on the OCP pipeline.  He was also responsible for obtaining ISO 14001 certification in 1997 for Block 15’s Environmental Management System which, at the time, was the first Oxy operation worldwide to obtain this certification, the first enterprise in Ecuador to be certified, and only the third oil and gas operation certified in South America.  Mr. Cunningham is a past president of the Association of American Chambers of Commerce in Latin America (AACCLA), a leading regional trade advocacy organization affiliated with the US Chamber of Commerce in Washington, D.C. that serves as the umbrella for AmCham’s in 21 countries whose 20,000 members manage over 80 percent of U.S. investment in the region.  AACCLA has been a major advocate for the North American Free Trade Agreement (NAFTA) and other bilateral trade agreements and business facilitation pacts between the US and countries in the region. He currently serves as treasurer on the Board of Trustees of the Pan American Development Foundation (PADF), an affiliate of the Organization of American States (OAS) in Washington, D.C., which implements over $50 million of projects annually to assist disadvantaged people in the hemisphere through public and private grants.  He is a graduate of Trinity University and received an M.B.A. from the University of Texas at Austin.  Mr. Cunningham is also a Certified Public Accountant and fluent in Spanish. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| John E. Durbin - 55                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Chief Financial Officer and Treasurer of Tri-Valley Corporation;  Tri-Valley Oil & Gas Co.; Tri-Valley Power Corporation; and Select Resources Corporation, Inc., all of which are wholly-owned subsidiaries of Tri-Valley Corporation.Bakersfield, California | 2009 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Prior to joining Tri-Valley Corporation as Chief Financial Officer in October 2009, a majority of Mr. Durbin’s 30-year career was spent in various senior management positions in finance and treasury with subsidiaries of Conoco Inc., and The DuPont Company. During his career, he has worked internationally from assignments in Bermuda, Switzerland, and Brazil. In August 2002, he was elected Assistant Treasurer, Risk Management, for ConocoPhillips in Houston, Texas, and was responsible for the design and implementation of an Enterprise Risk Management Program across the corporation. After opting for early retirement from ConocoPhillips in March 2005, he relocated to Rio de Janeiro, Brazil, and founded JED Consulting LLC to provide capital formation and business consulting services for select private clients in such areas as gasoline refining, sugar cane optimization, and iron ore development. After returning to the U.S. late in 2008, he joined Utah-based, U.S. coal producer, America West Resources, Inc., in January 2009 as Chief Financial Officer. Mr. Durbin holds a Bachelor of Science in Finance from Montana State University, Bozeman, and an M.B.A. in International Financial Management from the Thunderbird School of Global Management in Glendale, Arizona. He is multilingual with abilities in Arabic, French, German, Italian, Portuguese, Russian, and Spanish.  He holds memberships in the Brazil-Texas Chamber of Commerce (BRATECC), the Financial Executives Networking Group (FENG), and the Association for Financial Professionals (AFP).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

----

| Arthur M.  Evans, CPA, CMA, CFM - 61                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Chief Compliance Officer and Secretary of Tri-Valley Corporation; Secretary of Tri-Valley Oil & Gas Co., Select Resources Corporation, Inc.; Great Valley Drilling Company, LLC; and Great Valley Production Services, LLC; Chief Financial Officer of Great Valley Drilling Company, LLC; and Great Valley Production Services, LLC; all of which are wholly-owned subsidiaries of Tri-Valley Corporation.Bakersfield, California                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 2005   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Mr. Evans was named as Tri-Valley Corporation’s Chief Financial Officer in November 2005 and as Chief Compliance Officer in October 2009.  Prior to coming to Tri-Valley, Art was a self-employed financial consultant from 2000 to 2005.  Mr. Evans has a full range of accounting, mergers and acquisitions, and financial management experience in several industries as well as oil, gas, and mining with Fortune 500 companies, as well as, independent companies, like Tri-Valley.  He held several senior financial management positions with Getty Oil and Texaco.  He holds a B.S. in accounting from Weber State University, a M.B.A. in finance from Golden State University and a M.S. in systems management from the University of Southern California.  His professional designations include Certified Public Accountant, Certified Management Accountant and Certified Financial Manager. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
| Joseph R. Kandle - 67                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Senior Vice President, Corporate Development, of Tri-Valley Corporation; President and Chief Operating Officer of Tri-Valley Oil & Gas Co.; President of Great Valley Drilling Company, LLC; and Great Valley Production Services, LLC; all of which are wholly-owned subsidiaries of Tri-Valley Corporation.Bakersfield, California                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 1998   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Mr. Kandle was named as President of Tri-Valley Oil & Gas Co. in February 1999 after joining the Company in June 1998 as Vice President, Engineering. From 1995 to 1998, he was employed as a petroleum engineer for R & R Resources.  He was self-employed as a consulting petroleum engineer from 1994 to 1995.  He served as Vice President, Engineering, for Atlantic Oil Company from 1983 to 1994.  From 1981 to 1983, Mr. Kandle was Vice President for Star Resources.  He held the position of Vice President & Chief Engineer for Great Basins Petroleum from 1973 to 1981.  Mr. Kandle began his career with Mobil Oil from 1965 to 1973, after graduating from the Montana School of Mines in 1965.                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
| James G. Bush - 60                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | President of Select Resources Corporation, Inc., a wholly-owned subsidiary of Tri-Valley Corporation.Bakersfield, California                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2007   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Mr. Bush joined the Company in June 2007, and brings a wide range of experience with over 30 years in the natural resource industry (oil, gas, and minerals), the consulting business, and in heavy industry.  Prior to joining Tri-Valley, Jim spent ten years with the U.S. Department of Energy’s Pacific Northwest National Laboratory as a Manager of Business and Technology Development from 1996 to 2007, and the preceding ten years with ICF Kaiser Engineers.  Prior to those assignments, he worked for Atlantic Richfield (on- and offshore Alaska and Texas), Aspen Exploration, and the Anaconda Copper Mining Company.  His areas of expertise include oil and gas exploration and drilling, uranium exploration and drilling, and metals exploration, with particular expertise in gold placer exploration and mining (he was the finding geologist for Alaska’s Valdez Creek Gold Mine).  Mr. Bush received his Bachelor of Science degree in Geology from Ohio State University and his Master of Science from the South Dakota School of Mines and Technology.  Mr. Bush is certified by the American Institute of Professional Geologists and is a registered geologist in the States of Alaska and Washington.  Mr. Bush also served three years in the U.S. Navy Seabees. |

----

----

|   | • | motivate and retain Tri-Valley Corporation current executive officers,                                                              |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                |
|   | • | attract new executives with the requisite skill sets to implement and achieve Tri-Valley Corporation’s business strategy, and |
|   |    |                                                                                                                                |
|   | • | align executive compensation with the attainment of strategic business objectives that increase shareholder value.                  |

----

----

|   | • | 401(K) Profit Sharing Plan. The Company has a Defined Contribution (DC) Profit Sharing/401(K) Plan, designed to assist employees in providing for their retirement. The Company contributes to the Plan, in cash, at the rate of three percent (3%) of an employee’s wages or salary. The Company’s contributions to the Plan vest immediately upon receipt.                                                                                               |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | • | Health and Welfare Benefits. Tri-Valley Corporation employees are eligible to participate in medical, dental, vision, life insurance, and tax-advantaged healthcare accounts to meet their health and welfare needs. These benefits are provided on a competitive basis for human talent within the Company’s marketplace and industry. This is a fixed component of compensation, and the benefits are provided on a non-discriminatory basis to all employees. |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

----

----

| (a)  Name                           | (b) Fiscal YearEnding |   | (c)  Salary |    | (d) StockAwards (1) |   | (e) OptionAwards (2) |   | (f)Company401(K)Contribution |   |   |  TotalCompensation |   |
|-----------------------------------------------|----------------------------|--------|-----------------------|---------|--------------------------|--------|---------------------------|--------|------------------------------|--------|--------|-------------------------|--------|
| F. Lynn Blystone, CEO               | 12/31/09                   |   | $                     | 210,000 |                     | $      | 6,650                     |   | $                            | -      |   | $                       | 7,366  |   |   | $ | 224,016 |   |
| 12/31/08                                      |                       | $      | 210,000               |    | $                        | 38,950 |                      | $      | -                            |   | $      | 6,300                   |   |   | $ | 255,250 |   |
| 12/31/07                                      |                       | $      | 159,000               |    | $                        | 37,000 |                      | $      | -                            |   | $      | 4,770                   |   |   | $ | 200,770 |   |
|                                          |                       |   |                  |    |                     |   |                      |   |                         |   |   |                    |   |   |   |   |   |   |
| Maston N. Cunningham, President & COO     | 12/31/09                   |   | $                     | 171,025 |                     | $      | -                         |   | $                            | 41,641 |   | $                       | 4,175  |   |   | $ | 216,841 |   |
|                                          |                       |   |                  |    |                     |   |                      |   |                         |   |   |                    |   |   |   |   |   |   |
| John E. Durbin, CFO                           | 12/31/09                   |   | $                     | 45,000  |                     | $      | -                         |   | $                            | 33,600 |   | $                       | 450    |   |   | $ | 79,050 |   |
|                                          |                       |   |                  |    |                     |   |                      |   |                         |   |   |                    |   |   |   |   |   |   |
| Arthur M. Evans, CCO                | 12/31/09                   |   | $                     | 149,625 |                     | $      | -                         |   | $                            | 30,586 |   | $                       | 5,481  |   |   | $ | 185,692 |   |
| 12/31/08                                      |                       | $      | 138,407               |    | $                        | -      |                      | $      | 42,430                       |   | $      | 4,152                   |   |   | $ | 184,989 |   |
| 12/31/07                                      |                       | $      | 120,000               |    | $                        | -      |                      | $      | 17,000                       |   | $      | 3,600                   |   |   | $ | 140,600 |   |
|                                          |                       |   |                  |    |                     |   |                      |   |                         |   |   |                    |   |   |   |   |   |   |
| Joseph R. Kandle, President, TVOG   | 12/31/09                   |   | $                     | 210,700 |                     | $      | -                         |   | $                            | 7,560  |   | $                       | 6,571  |   |   | $ | 224,831 |   |
| 12/31/08                                      |                       | $      | 180,350               |    | $                        | 5,922  |                      | $      | 3,780                        |   | $      | 5,410                   |   |   | $ | 195,462 |   |
| 12/31/07                                      |                       | $      | 170,000               |    | $                        | -      |                      | $      | -                            |   | $      | 5,100                   |   |   | $ | 175,100 |   |
|                                          |                       |   |                  |    |                     |   |                      |   |                         |   |   |                    |   |   |   |   |   |   |
| James G. Bush, President, Select    | 12/31/09                   |   | $                     | 171,662 |                     | $      | -                         |   | $                            | 96,260 |   | $                       | 5,349  |   |   | $ | 273,271 |   |
| 12/31/08                                      |                       | $      | 169,758               |    | $                        | -      |                      | $      | 84,980                       |   | $      | 5,093                   |   |   | $ | 259,831 |   |
| 12/31/07                                      |                       | $      | 112,560               |    | $                        | -      |                      | $      | 96,000                       |   | $      | 3,377                   |   |   | $ | 211,937 |   |
|                                          |                       |   |                  |    |                     |   |                      |   |                         |   |   |                    |   |   |   |   |   |   |
| James C. Kromer, VP Operations, TVOG          | 12/31/09                   |   | $                     | 116,800 |                     | $      | -                         |   | $                            | 33,600 |   | $                       | 2,670  |   |   | $ | 153,070 |   |
|                                          |                       |   |                  |    |                     |   |                      |   |                         |   |   |                    |   |   |   |   |   |   |

----

| ( a )                |   | (b)                            |   |   | (c)                |   |   | (d)                                                                                   |   |   | (e)                                                                              |   |
|----------------------|--------|--------------------------------|--------|--------|--------------------|--------|--------|---------------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------|--------|
| Name                 |   | Shares AcquiredOn Exercise (#) |   |   | Value Realized ($) |   |   | Number of SecuritiesUnderlying UnexercisedOptions at FY End Exercisable/Unexercisable |   |   | Value of Unexercised InThe Money Options at FY End ($)Exercisable/ Unexercisable |   |
|                 |   |                           |   |   |               |   |   |                                                                                  |   |   |                                                                             |   |
| F. Lynn Blystone     |   |                           | 41,000 |   |               | $      | 32,595 |                                                                                  |   |   | 550,000/0                                                                        |   |   | $ | 326,000/$0 |   |
| Maston N. Cunningham |   |                           | 0      |   |               |   | 0      |                                                                                  |   |   | 65,000/135,000                                                                   |   |   | $ | 48,050/$103,950 |   |
| John E. Durbin       |   |                           | 0      |   |               |   | 0      |                                                                                  |   |   | 10,000/90,000                                                                    |   |   | $ | 0/$0 |   |
| Arthur M. Evans      |   |                           | 5,000  |   |               | $      | 9,500  |                                                                                  |   |   | 93,500/11,500                                                                    |   |   | $ | 14,150/$3,300 |   |
| G. Thomas Gamble     |   |                           | 0      |   |               |   | 0      |                                                                                  |   |   | 80,000/0                                                                         |   |   | $ | 0/$0 |   |
| Paul W. Bateman      |   |                           | 0      |   |               |   | 0      |                                                                                  |   |   | 60,000/40,000                                                                    |   |   | $ | 0/$0 |   |
| Edward M. Gabriel    |   |                           | 0      |   |               |   | 0      |                                                                                  |   |   | 60,000/40,000                                                                    |   |   | $ | 0/$0 |   |
| Joseph R. Kandle     |   |                           | 0      |   |               |   | 0      |                                                                                  |   |   | 281,000/4,000                                                                    |   |   | $ | 154,500/$0 |   |
| James G. Bush        |   |                           |   |   |               |   |   |                                                                                  |   |   | 43,000/74,000                                                                    |   |   | $ | 8,500/$0 |   |
| Henry Lowenstein     |   |                           |   |   |               |   |   |                                                                                  |   |   | 100,000/0                                                                        |   |   | $ | 0/$0 |   |
| Loren J. Miller      |   |                           | 0      |   |               |   | 0      |                                                                                  |   |   | 0/0                                                                              |   |   | $ | 0/$0 |   |
| James S. Mayer       |   |                           | 0      |   |               |   | 0      |                                                                                  |   |   | 40,000/60,000                                                                    |   |   | $ | 0/$0 |   |

----

|                    |   |               |    |   |            |   |           |   |          |   |       |   |    |   |
|-------------------------|--------|--------------------|---------|--------|-----------------|--------|----------------|--------|---------------|--------|------------|--------|---------|--------|
|                    |   |               |    |   | % of Total      |   |           |   | Market Value  |   |       |
|                    |   | Number of Shares   |    |   | Options Granted |   | Exercise Price |   | of Securities |   |       |
|                    |   | Underlying Options |    |   | to Employees    |   | Per Share      |   | Underlying    |   | Expiration |
| Name                    |   | Granted            |    |   | in Fiscal Year  |   | ($/Security)   |   | Options(6)    |   | Date       |
|                    |   |               |    |   |            |   |           |   |          |   |       |   |    |   |
| Maston N. Cunningham(1) |   |               | 100,000 |   |            |   | 16.8%          |   | $1.28         |   | $68,000    |   | 1/2014  |
|                    |   |               |    |   |            |   |           |   |          |   |       |   |    |   |
| Maston N. Cunningham(2) |   |               | 100,000 |   |            |   | 16.8%          |   | $1.10         |   | $86,000    |   | 5/2014  |
|                    |   |               |    |   |            |   |           |   |          |   |       |   |    |   |
| James G. Bush(3)        |   |               | 10,000  |   |            |   | 1.7%           |   | $1.10         |   | $8,600     |   | 5/2014  |
|                    |   |               |    |   |            |   |           |   |          |   |       |   |    |   |
| Arthur M. Evans(3)      |   |               | 10,000  |   |            |   | 1.7%           |   | $1.10         |   | $8,600     |   | 5/2014  |
|                    |   |               |    |   |            |   |           |   |          |   |       |   |    |   |
| James C. Kromer(4)      |   |               | 100,000 |   |            |   | 16.8%          |   | $1.23         |   | $73,000    |   | 5/2014  |
|                    |   |               |    |   |            |   |           |   |          |   |       |   |    |   |
| John E. Durbin(5)       |   |               | 100,000 |   |            |   | 16.8%          |   | $2.42         |   | $0         |   | 10/2014 |

|   | (1 | ) | The options were granted January 14, 2009, and 40,000 options were vested as of December 31, 2009                            |
|--------|----|---|------------------------------------------------------------------------------------------------------------------------------|
|   | (2 | ) | The options were granted May 15, 2009, and 25,000 options were vested as of December 31, 2009.                               |
|   | (3 | ) | The options were granted May 18, 2009, and all options were vested as of December 31, 2009.                                  |
|   | (4 | ) | The options were granted May 18, 2009, and 30,000 options were vested as of December 31, 2009.                               |
|   | (5 | ) | The options were granted October 1, 2009, and 10,000 options were vested as of December 31, 2009.                            |
|   | (6 | ) | Based on the difference between the exercise price per share and the market price of $1.96 per share as of December 31, 2009 |

----

| Name                 |   | Number of Securities Underlying |    |   | Option Exercise |   | Option Expiration |
|----------------------|--------|---------------------------------|---------|--------|-----------------|--------|-------------------|
|                 |   | Unexercised Options             |    |   | Price           |   | Date              |
|                 |   | Exercisable                     |    |   | Unexercisable   |   |              |   |   |   |
| ( a )                |   | (b)                             |    |   | (c)             |   |              | (d) |   | (e) |
|                 |   |                            |    |   |            |   |              |   |   |   |
| Paul W. Bateman      |   |                            | 60,000  |   |            |   | 40,000            |   |   | $ | 6.37 |   | 8/2/2017 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| F. Lynn Blystone     |   |                            | 50,000  |   |            |   | 0                 |   |   | $ | 2.43 |   | 9/16/2010 |
|                 |   |                            | 200,000 |   |            |   | 0                 |   |   | $ | 1.22 |   | 11/16/2010 |
|                 |   |                            | 300,000 |   |            |   | 0                 |   |   | $ | 1.35 |   | 10/22/2011 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| James G. Bush        |   |                            | 30,000  |   |            |   | 70,000            |   |   | $ | 7.88 |   | 5/23/2017 |
|                 |   |                            | 3,000   |   |            |   | 4,000             |   |   | $ | 6.10 |   | 7/3/2013 |
|                 |   |                            | 10,000  |   |            |   | 0                 |   |   | $ | 1.10 |   | 5/18/2014 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| Maston N. Cunningham |   |                            | 40,000  |   |            |   | 60,000            |   |   | $ | 1.28 |   | 1/14/2014 |
|                 |   |                            | 25,000  |   |            |   | 75,000            |   |   | $ | 1.10 |   | 5/15/2014 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| John E. Durbin       |   |                            | 10,000  |   |            |   | 90,000            |   |   | $ | 2.42 |   | 10/1/2014 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| Arthur M. Evans      |   |                            | 40,000  |   |            |   | 0                 |   |   | $ | 9.55 |   | 11/18/2015 |
|                 |   |                            | 20,000  |   |            |   | 0                 |   |   | $ | 5.03 |   | 1/23/2017 |
|                 |   |                            | 6,000   |   |            |   | 4,000             |   |   | $ | 6.10 |   | 7/3/2017 |
|                 |   |                            | 22,500  |   |            |   | 7,500             |   |   | $ | 1.51 |   | 12/18/2017 |
|                 |   |                            | 5,000   |   |            |   | 0                 |   |   | $ | 1.10 |   | 5/18/2014 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| Edward M. Gabriel    |   |                            | 60,000  |   |            |   | 40,000            |   |   | $ | 6.49 |   | 8/1/2017 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| G. Thomas Gamble     |   |                            | 80,000  |   |            |   | 0                 |   |   | $ | 6.35 |   | 5/8/2016 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| Joseph R. Kandle     |   |                            | 50,000  |   |            |   | 0                 |   |   | $ | 2.43 |   | 9/16/2010 |
|                 |   |                            | 150,000 |   |            |   | 0                 |   |   | $ | 1.22 |   | 11/16/2010 |
|                 |   |                            | 75,000  |   |            |   | 0                 |   |   | $ | 1.35 |   | 10/22/2011 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| James C. Kromer      |   |                            | 30,000  |   |            |   | 70,000            |   |   | $ | 1.23 |   | 5/18/2014 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| Henry Lowenstein     |   |                            | 100,000 |   |            |   | 0                 |   |   | $ | 6.35 |   | 5/9/2016 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| James S. Mayer       |   |                            | 40,000  |   |            |   | 60,000            |   |   | $ | 7.25 |   | 8/14/2013 |
|                 |   |                            |    |   |            |   |              |   |   |   |   |   |   |
| Loren J. Miller      |   |                            | 0       |   |            |   | 0                 |   |   |   | 0 |   | 0 |

----

| (a) Name        |   | (b) Fees |   |   | (c)StockAwards (1) |   |   | (d)OptionAwards (2) |   |   | (e)TotalCompensation |   |
|----------------------|--------|---------------|--------|--------|--------------------|--------|--------|---------------------|--------|--------|----------------------|--------|
| Paul W. Bateman      |   | $             | 10,750 |   |               | $      | 3,900  |                |   | $      | 40,100               |   |   | $ | 54,750 |   |
|                 |   |          |   |   |               |   |   |                |   |   |                 |   |   |   |   |   |
| Edward M. Gabriel    |   | $             | 8,250  |   |               | $      | 3,900  |                |   | $      | 40,800               |   |   | $ | 52,950 |   |
|                 |   |          |   |   |               |   |   |                |   |   |                 |   |   |   |   |   |
| G. Thomas Gamble     |   | $             | 14,750 |   |               | $      | 3,900  |                |   | $      | -                    |   |   | $ | 18,650 |   |
|                 |   |          |   |   |               |   |   |                |   |   |                 |   |   |   |   |   |
| Dr. Henry Lowenstein |   | $             | 13,750 |   |               | $      | 3,900  |                |   | $      | -                    |   |   | $ | 17,650 |   |
|                 |   |          |   |   |               |   |   |                |   |   |                 |   |   |   |   |   |
| James S. Mayer       |   | $             | 8,250  |   |               | $      | 3,900  |                |   | $      | 45,000               |   |   | $ | 57,150 |   |
|                 |   |          |   |   |               |   |   |                |   |   |                 |   |   |   |   |   |
| Loren J. Miller      |   | $             | 11,000 |   |               | $      | 3,900  |                |   | $      | -                    |   |   | $ | 14,900 |   |

| (1)   | This column represents the Dollar amount recognized for financial statement reporting purposes with respect to the 2009 fiscal year for the fair value of stock granted in 2009.  Fair value is initially calculated using the closing price of our stock on the date of grant.  In 2009, each Director was granted 2,000 shares of common stock on January 2, 2009, for services rendered in 2008.  The initial value of the stock granted to each director on that date was $3,900, based on a closing market price of $1.95 per share. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Stock option awards relate to the accounting expense for options vested in accordance with ASC 718, which requires the expensing of equity stock awards based on the grant date of the option. The grant date for Mr. Mayer is August 14, 2008; Mr. Bateman is August 2, 2007; Mr. Gabriel is August 1, 2007; for Mr. Gamble and Dr. Lowenstein, the grant date was May 6, 2006. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                      |   | Number of                                                          |   | Percent of |
|-----------------------------------------------------------|--------|--------------------------------------------------------------------|--------|------------|
| Name and Address                                          |   | Shares                                                             |   | Total      |
|                                                      |   |                                                               |   |       |
| G. Thomas GambleP.O. Box 128Oakville, CA  94562 |   |          3,005,650(1) |   | 9.0%       |

| (1)   | Includes 80,000 shares of stock Mr. Gamble has the right to acquire upon the exercise of options. |
|-----------------|---------------------------------------------------------------------------------------------------|

|                             |   | Number of |   | Percent of |
|----------------------------------|--------|-----------|--------|------------|
| Directors and Executive Officers |   | Shares(1) |   | Total(2)   |
|                             |   |      |   |       |
| F. Lynn Blystone                 |   | 1,051,853 |   | 3.1%       |
|                             |   |      |   |       |
| Maston N. Cunningham             |   | 200,000   |   | 0.6%       |
|                             |   |      |   |       |
| John E. Durbin                   |   | 100,000   |   | 0.3%       |
|                             |   |      |   |       |
| Arthur M. Evans                  |   | 115,000   |   | 0.3%       |
|                             |   |      |   |       |
| G. Thomas Gamble                 |   | 3,005,650 |   | 9.0%       |
|                             |   |      |   |       |
| Paul W. Bateman                  |   | 105,000   |   | 0.3%       |
|                             |   |      |   |       |
| Edward M. Gabriel                |   | 104,000   |   | 0.3%       |
|                             |   |      |   |       |
| Joseph R. Kandle                 |   | 360,946   |   | 1.1%       |
|                             |   |      |   |       |
| James G. Bush                    |   | 120,500   |   | 0.4%       |
|                             |   |      |   |       |
| Henry Lowenstein, Ph.D.          |   | 107,200   |   | 0.3%       |
|                             |   |      |   |       |
| Loren J. Miller                  |   | 249,236   |   | 0.8%       |
|                             |   |      |   |       |
| James S. Mayer                   |   | 102,000   |   | 0.3%       |
|                             |   |      |   |       |
| James C. Kromer                  |   | 100,000   |   | 0.3%       |

----

|                                         |   | Number of |   | Percent of |
|----------------------------------------------|--------|-----------|--------|------------|
|                                         |   | Shares    |   | Total      |
| Total Group (All Directors and               |   |      |   |       |
|   Executive Officers - 13 Persons) |   | 5,721,385 |   | 17.1%      |

| (1)   | Includes shares which the listed shareholder has the right to acquire from options as follows:  F. Lynn Blystone 550,000; Arthur M. Evans 105,000; G. Thomas Gamble 80,000; Joseph R. Kandle 285,000; Dr. Henry Lowenstein 100,000; Paul W. Bateman 100,000; Edward M. Gabriel 100,000; James S. Mayer 100,000; James G. Bush 120,500; Maston N. Cunningham 200,000; James C. Kromer 100,000; and John E. Durbin 100,000. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Based on total issued and outstanding shares of 33,190,462 as of December 31, 2009.  The persons named herein have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them, subject to community property laws where applicable. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| YEAR   |   | AUDIT SERVICES |   |   | TAX SERVICES |   |   | AUDIT RELATED |
|--------|--------|----------------|--------|--------|--------------|--------|--------|---------------|
|   |   | $              |   |   | $            |   |   | $             |
| 2009   |   | $106,012       |   |   | $70,689      |   |   | $25,931       |
| 2008   |   | $103,607       |   |   | $28,226      |   |   | $32,303       |
| 2007   |   | $132,592       |   |   | $60,390      |   |   | $54,202       |

----

| Exhibit    |                                                                                                                                                                                                                           |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Number     | Description of Exhibit                                                                                                                                                                                                         |
|       |                                                                                                                                                                                                                           |
| 3.1        | Amended and Restated Certificate of Incorporation, incorporated by reference to Exhibit A of the Company’s 2000 Proxy Statement and Definitive Schedule 14A, filed with the SEC on July 26, 2000.                        |
|       |                                                                                                                                                                                                                           |
| 3.2        | Amended and Restated Bylaws, incorporated by reference to Exhibit 3.3 of the Company's Form 10-Q for the quarter ended September 30, 2007, filed with the SEC on November 9, 2007.                                             |
|       |                                                                                                                                                                                                                           |
| 4.1        | Rights Agreement, incorporated by reference to Exhibit 4.1 of the Company’s Form S-3, filed with the SEC on December 2, 2009.                                                                                            |
|       |                                                                                                                                                                                                                           |
| 10.1       | Employment Agreement with F. Lynn Blystone, executed on March 10, 2009, incorporated by reference to Exhibit 10.1 of the Company’s Form 10-K for the year ended December 31, 2008, filed with the SEC on March 30, 2009. |
|       |                                                                                                                                                                                                                           |
| 10.2       | Tri-Valley Corporation 2005 Stock Option Plan, as amended, incorporated by reference to Exhibit A of the Company’s 2007 Proxy Statement and Definitive Schedule 14A, filed with the SEC on August 2, 2007.               |
|       |                                                                                                                                                                                                                           |
| 10.3       | Tri-Valley Corporation 2010 Sample Indemnification Agreement for Directors, Officers, Employees, or Agents of the Company, filed herewith.                                                                                     |
|       |                                                                                                                                                                                                                           |
| 10.4       | Executive Retirement Agreement and General Release with F. Lynn Blystone, executed on March 5, 2010, filed herewith.                                                                                                           |
|       |                                                                                                                                                                                                                           |
| 23.1       | Consent of Independent Petroleum Engineers and Geologists, Cecil Engineering, Inc., dated March 2, 2010, filed herewith.                                                                                                       |
|       |                                                                                                                                                                                                                           |
| 23.2       |  Consent of Independent Petroleum Engineers and Geologists, AJM Petroleum Consultants, dated March 8, 2010, filed herewith.                                                                                               |
|       |                                                                                                                                                                                                                           |
| 23.3       | Consent of Brown Armstrong Paulden McCown Starbuck Thornburgh & Keeter Accountancy Corporation, dated March 26, 2010, filed herewith.                                                                                      |
|       |                                                                                                                                                                                                                           |
| 31.1       | Certification Pursuant to Rule 13a-14(a) / 15d-14(a), filed herewith.                                                                                                                                                          |
|       |                                                                                                                                                                                                                           |
| 31.2       | Certification Pursuant to Rule 13a-14(a) / 15d-14(a), filed herewith.                                                                                                                                                          |
|       |                                                                                                                                                                                                                           |
| 32.1       | Certification Pursuant to 18 U.S.C. §1350, filed herewith.                                                                                                                                                                |
|       |                                                                                                                                                                                                                           |
| 32.2       | Certification Pursuant to 18 U.S.C. §1350, filed herewith.                                                                                                                                                                |
|       |                                                                                                                                                                                                                           |
| 99.1       | AJM Petroleum Consultants, Reserve Estimation and Economic Evaluation, Executive Summary, dated December 31, 2009, filed herewith.                                                                                             |
|       |                                                                                                                                                                                                                           |
| 99.2  | Leland B. Cecil, P.E., Evaluation of Oil and Gas Reserves, Tri-Valley Oil & Gas Co., Executive Summary, dated December 31, 2009, filed herewith.                                                                      |

----

|   |  March 26, 2010 | By:  /s/ Maston N. Cunningham                                         |
|--------|----------------------|---------------------------------------------------------------------------------|
|   |                 |        Maston N. Cunningham                  |
|   |                 |        Chief Executive Officer and President |
|   |                 |                                                                            |
|   |                 |                                                                            |
|   |                 |                                                                            |
|   |  March 26, 2010 | By:  /s/ John E. Durbin                                               |
|   |                 |        John E. Durbin                        |
|   |                 |        Chief Financial Officer               |

|   |                 |   |                                                                                                                                              |
|--------|----------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                 |   |                                                                                                                                              |
|   | March 26, 2010       |   | By:  /s/  Paul W. Bateman                                                                                                     |
|   |                 |   |        Paul W. Bateman, Director                                                                               |
|   |                 |   |                                                                                                                                              |
|   |                 |   |                                                                                                                                              |
|   |  March 26, 2010 |   | By: /s/  Edward M. Gabriel                                                                                                              |
|   |                 |   |        Edward M. Gabriel, Director                                                                             |
|   |                 |   |                                                                                                                                              |
|   |                 |   |                                                                                                                                              |
|   |  March 26, 2010 |   | By: /s/  G. Thomas Gamble                                                                                                               |
|   |                 |   |        G. Thomas Gamble,       Director & Chairman of the Board of Directors |
|   |                 |   |                                                                                                                                              |
|   |                 |   |                                                                                                                                              |
|   |  March 26, 2010 |   | By: /s/  Henry Lowenstein                                                                                                               |
|   |                 |   |        Henry Lowenstein, Ph.D., Director                                                                       |
|   |                 |   |                                                                                                                                              |
|   |                 |   |                                                                                                                                              |
|   |  March 26, 2010 |   | By: /s/  James S. Mayer                                                                                                                 |
|   |                 |   |        James S. Mayer, Director                                                                                |
|   |                 |   |                                                                                                                                              |
|   |                 |   |                                                                                                                                              |
|   |  March 26, 2010 |   | By: /s/  Loren J. Miller                                                                                                                |
|   |                 |   |        Loren J. Miller, Director                                                                               |

----